03:36 PM EST, 01/27/2025 (MT Newswires) -- Tech stocks were in the red late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 5.2% and the SPDR S&P Semiconductor ETF (XSD) falling 8.9%.

The Philadelphia Semiconductor index tumbled 9.5%.

In corporate news, Meta (META) is expected to post better-than-expected Q4 earnings, though its revenue in Q1 could take a hit from forex pressure, BofA Securities said Monday. The Facebook and Instagram parent is scheduled to report Q4 results Wednesday. Meta shares were rising 0.8%.