01:41 PM EST, 01/07/2025 (MT Newswires) -- Tech stocks were falling Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 1.2% and the SPDR S&P Semiconductor ETF (XSD) down 0.2%.

The Philadelphia Semiconductor index shed 0.6%.

In sector news, President-elect Donald Trump outlined a $20 billion foreign investment to build new data centers in the US, CNBC reported Tuesday. DAMAC Properties founder Hussain Sajwani is pledging "at least" that amount, Trump said, according to CNBC.

In corporate news, Meta (META) named three new directors, including John Elkann, chief executive of European investment firm Exor and chairman of Ferrari (RACE) and Stellantis (STLA). Separately, Meta said it will end its fact-checking program in the US and replace it with a Community Notes model. Meta shares were down 1.6%.