01:38 PM EDT, 09/30/2024 (MT Newswires) -- Tech stocks dropped Monday afternoon with the Technology Select Sector SPDR Fund (XLK) decreasing 0.3% and the SPDR S&P Semiconductor ETF (XSD) falling 1.3%.

The Philadelphia Semiconductor index dropped 1.5%.

In corporate news, EchoStar ( SATS ) agreed to sell its video distribution business, which includes Dish TV and Sling TV, to satellite TV provider DirecTV in a debt-exchange deal. EchoStar ( SATS ) shares tumbled 12%.