03:45 PM EST, 02/03/2025 (MT Newswires) -- Tech stocks were in the red late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.1% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.2%.

The Philadelphia Semiconductor index retreated 1.4%.

In corporate news, Apple ( AAPL ) is likely to see a "manageable" impact on its earnings from the new 10% tariff imposed by the US on imports from China, BofA Securities said in a report Monday. Apple ( AAPL ) shares were down 3.1%.