01:42 PM EST, 03/06/2025 (MT Newswires) -- Tech stocks were in the red Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2.8% and the SPDR S&P Semiconductor ETF (XSD) dropping 2.7%.

The Philadelphia Semiconductor index slumped 4.4%.

In sector news, IBM ( IBM ) , HP (HPQ), Intel ( INTC ) and Qualcomm ( QCOM ) chief executives have discussed meeting with the US administration on Monday, Bloomberg reported. The meeting with President Donald Trump comes amid import tariffs and stricter export rules that may impact the tech companies, the report said.

In corporate news, ON Semiconductor (ON) disclosed its attempt to acquire semiconductor manufacturer Allegro MicroSystems ( ALGM ) in a potential all-cash deal worth roughly $6.9 billion. ON shares shed 5.5% and Allegro jumped 6.4%.