03:32 PM EST, 01/07/2025 (MT Newswires) -- Tech stocks were falling late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 2% and the SPDR S&P Semiconductor ETF (XSD) down 1.4%.

The Philadelphia Semiconductor index fell 1.9%.

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

In corporate news, Angi ( ANGI ) was ordered by the US District Court for the Southern District of New York to pay roughly $3 million to the Federal Trade Commission for allegedly misleading workers about hourly rates, according to a court filing Tuesday. Angi ( ANGI ) shares were down 2.4%.