01:34 PM EDT, 03/13/2024 (MT Newswires) -- Tech stocks were in the red Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 0.9% and the SPDR S&P Semiconductor ETF (XSD) falling 2.1%.

The Philadelphia Semiconductor index was shedding 2%.

In corporate news, Meta Platforms ( META ) shares fell 0.5% after a US appeals court ruled that the company could not stop the US Federal Trade Commission from reopening an investigation into Facebook privacy practices despite Meta having paid a $5 billion fine.