01:44 PM EDT, 04/04/2025 (MT Newswires) -- Tech stocks were plunging Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) slumping 5.2% and the SPDR S&P Semiconductor ETF (XSD) tumbling 6.8%.

The Philadelphia Semiconductor index fell 6.8%.

In sector news, tech companies may be heading into "dark days" as President Donald Trump's new tariffs could reduce earnings by at least 15%, making trade negotiations a pressing priority, Wedbush Securities said in a note Friday.

In corporate news, Apple ( AAPL ) and Tesla (TSLA) dropped 5.5% and 8.9%, respectively, following new tariffs on US goods announced by China. The companies earn a large part of their revenue in China, according to a Reuters report.