01:33 PM EDT, 10/01/2024 (MT Newswires) -- Tech stocks were in the red Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 3% and the SPDR S&P Semiconductor ETF (XSD) slumping 4.1%.

The Philadelphia Semiconductor index dropped 3.5%.

In corporate news, Apple's ( AAPL ) suppliers may have to import parts from China or elsewhere after a fire caused extensive damage at Tata's iPhone component plant in India over the weekend, Reuters reported. Apple ( AAPL ) shares were falling 3.9%.