03:34 PM EDT, 04/03/2025 (MT Newswires) -- Tech stocks were in the red late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 6.6% and the SPDR S&P Semiconductor ETF (XSD) tumbling 11.5%.

The Philadelphia Semiconductor index slumped 9.5%.

In corporate news, Amazon.com ( AMZN ) expects its Rufus AI-backed shopping assistant to make an indirect contribution of more than $700 million to operating profits this year, Business Insider reported. Amazon ( AMZN ) shares were down 9%.