Tech stocks retreated Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.8% and the SPDR S&P Semiconductor ETF (XSD) falling 1.7%.

The Philadelphia Semiconductor index dropped 2.3%.

In sector news, President Donald Trump said Friday he will set tariffs on semiconductors in the next two weeks, and they could be as high as 300%, according to Bloomberg.

In corporate news, Applied Materials (AMAT) late Thursday reported stronger-than-expected fiscal Q3 results, though its outlook for the current three-month period trailed Wall Street's estimates. Its shares dropped past 13%.

Intel (INTC) shares jumped past 6% after Bloomberg reported that the administration is considering taking a stake in the company with funds from the US Chips Act.

Roblox (RBLX) is being sued by the state of Louisiana for allegedly failing to enforce safety controls to protect children and for allegedly facilitating the "distribution of child sexual material," Louisiana Attorney General Liz Murrill said in a statement. Roblox shares dropped 7.5%.