01:34 PM EDT, 08/26/2024 (MT Newswires) -- Tech stocks were in the red Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.1% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.5%.

The Philadelphia Semiconductor index slumped 2.2%.

In corporate news, Apple ( AAPL ) is set to hold an event at its headquarters in California on Sept. 9 when it is expected to launch its iPhone 16 lineup, media outlets reported Monday. Apple ( AAPL ) shares were shedding 0.2%.