03:54 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 dropped 9%.

Apple ( AAPL ) , Dell Technologies ( DELL ) and HP (HPQ) are among the "worst positioned in IT hardware following the "calamitous" tariffs announced by the Trump administration, Morgan Stanley said. Apple ( AAPL ) shares fell 10%, Dell sank 19%, and HP fell 14%.

Meta (META) is lobbying the White House for a deal to help it avoid facing an antitrust trial scheduled to begin April 14, The Wall Street Journal reported late Wednesday. Meta fell 8.6%.

Microsoft ( MSFT ) has paused or delayed some data center development projects in Indonesia, the UK, Australia, Illinois, North Dakota, and Wisconsin, Bloomberg reported. Its shares fell 2.1%.