01:35 PM EDT, 07/30/2024 (MT Newswires) -- Tech stocks were in the red Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 2.6% and the SPDR S&P Semiconductor ETF (XSD) slumping 3.4%.

The Philadelphia Semiconductor index fell 3.2%.

In corporate news, Meta Platforms ( META ) has reached a $1.4 billion deal with Texas to settle the state's lawsuit accusing the company of illegally using facial recognition technology to collect biometric data of users in the state without their consent, Attorney General Ken Paxton said. Meta shares were falling 1.2%.