01:59 PM EDT, 04/03/2025 (MT Newswires) -- Tech stocks were in the red Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 6% and the SPDR S&P Semiconductor ETF (XSD) falling 10.8% recently.

The Philadelphia Semiconductor index slumped 8.8%.

In corporate news, 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 dropped 8.9%, Dell tumbled 17.4%, and HP fell 12.9% in recent trading.

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 shares fell 6.8% recently.

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 1.5%.