01:32 PM EDT, 09/16/2024 (MT Newswires) -- Tech stocks were falling Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.6% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.9%.

The Philadelphia Semiconductor index slumped 2.1%.

In corporate news, Intel ( INTC ) has officially qualified for up to $3.5 billion in US government funding to make semiconductors for a secret military program, Bloomberg reported. Intel ( INTC ) shares popped 2.9%.