03:40 PM EDT, 10/01/2024 (MT Newswires) -- Tech stocks were falling late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 2.4% and the SPDR S&P Semiconductor ETF (XSD) retreating 3%.

The Philadelphia Semiconductor Index fell 3%.

In corporate news, Fastly (FSLY) shares slumped 5.5% after Raymond James downgraded the stock to market perform from strong buy.