03:36 PM EST, 03/03/2025 (MT Newswires) -- Tech stocks declined late Monday afternoon with the Technology Select Sector SPDR Fund (XLK) falling 3.4% and the SPDR S&P Semiconductor ETF (XSD) dropping 4.3%.

The Philadelphia Semiconductor index slumped 4.6%.

In corporate news, Amazon ( AMZN )-backed (AMZN) AI startup Anthropic said it raised $3.5 billion in a series E funding round at a $61.5 billion post-money valuation. Amazon ( AMZN ) shares fell 3.7%.