Tech stocks were lower Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.3% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.2%.

The Philadelphia Semiconductor index slumped 3.7%.

In corporate news, Vertiv (VRT) shares fell past 16% after the company's Q2 revenue increased year on year but missed analysts' estimates.

Taiwan Semiconductor Manufacturing (TSM) and Toyota (TM) were among manufacturers whose operations were disrupted after a powerful earthquake struck Japan's Kumamoto prefecture, Nikkei Asia reported. Taiwan Semiconductor evacuated personnel from its JASM semiconductor plant in Kumamoto after the quake triggered mandatory evacuation procedures, while some construction work at JASM's second fab was temporarily suspended as a precaution, a company spokesperson told Nikkei Asia. Taiwan Semiconductor shares fell 3.3%.

Microsoft (MSFT) is facing a probe in the UK over concerns that the company may not have released clear, upfront information on changes to Microsoft 365 personal and family subscription plans, the UK's Competition and Markets Authority said Wednesday. Microsoft shares were up 0.7%.