03:29 PM EDT, 04/02/2024 (MT Newswires) -- Tech stocks were falling late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 1.1% and the SPDR S&P Semiconductor ETF (XSD) tumbling 2.6%.

The Philadelphia Semiconductor index slumped 1.7%.

In corporate news, Veeva Systems ( VEEV ) shares sank nearly 6%, a day after the company said in a regulatory filing that Brent Bowman stepped down as chief financial officer.