01:56 PM EDT, 09/20/2024 (MT Newswires) -- Tech stocks were lower Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.7% and the SPDR S&P Semiconductor ETF (XSD) dropping 2.4%.

The Philadelphia Semiconductor index fell 2%.

In corporate news, a German court has ruled that Amazon.com ( AMZN ) is using Nokia's ( NOK ) patented video technology in its streaming devices without getting the necessary license, Reuters reported Friday. Amazon ( AMZN ) shares were marginally higher and Nokia ( NOK ) added 0.4%.

Olo (OLO) shares popped 3% after the company said Friday it will reduce its workforce by about 9% to support its long-term growth objectives.

Urgent.ly ( ULY ) shares dropped 4.3% after it said Friday it completed the divestiture of its The Floow unit, a connected insurance technology provider.