03:31 PM EDT, 08/05/2024 (MT Newswires) -- Tech stocks were sharply lower in late Monday afternoon trading, with the Technology Select Sector SPDR Fund (XLK) dropping 3.5% and the SPDR S&P Semiconductor ETF (XSD) falling 3.2%.

The Philadelphia Semiconductor index fell 2.2%.

In corporate news, Dell Technologies ( DELL ) is cutting an unspecified number of jobs as it undertakes a reorganization of its sales teams that includes a new unit focused on artificial intelligence products and services, Bloomberg reported Monday. Dell shares were falling 4.5%.