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Sector Update: Tech Stocks Fall Friday Afternoon

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Tech stocks were lower Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.9%.

The Philadelphia Semiconductor index was down 3.6%.

In sector news, the Department of Commerce's Bureau of Industry and Security is working on a slimmed-down replacement plan to the export controls on advanced AI chips that the Biden administration imposed to slow the technological progress of geopolitical rivals, The Information reported. The new rule is expected to try to close a loophole via which Chinese AI firms can access advanced chips through data centers in other countries, the report said.

In corporate news, Marvell Technology (MRVL) shares fell past 10% after the company's stronger-than-expected fiscal Q2 results were overshadowed by investor concerns over the timing of revenue from its deal with Alphabet's (GOOGL, GOOG) Google.

Workday (WDAY) raised the low end of its full-year subscription revenue outlook after the finance and human resources solutions provider recorded fiscal Q2 results above Wall Street's estimates. Its shares climbed 6.1%.

Elastic (ESTC) shares surged 17% after it reported overnight higher fiscal Q1 non-GAAP earnings and revenue.

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