01:40 PM EDT, 07/09/2024 (MT Newswires) -- Tech stocks were declining Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.4% and the SPDR S&P Semiconductor ETF (XSD) falling 1%.

The Philadelphia Semiconductor index was shedding 0.6%.

In corporate news, UiPath ( PATH ) shares dropped 6.8% after the company said Tuesday that it will cut about 10% of its workforce of about 4,200 as part of a restructuring plan to manage its operating expenses.