03:40 PM EDT, 03/10/2025 (MT Newswires) -- Tech stocks tumbled late Monday afternoon with the Technology Select Sector SPDR Fund (XLK) falling 4.1% and the SPDR S&P Semiconductor ETF (XSD) dropping 4.5%.

The Philadelphia Semiconductor index retreated 4.8%.

In corporate news, Nvidia ( NVDA )-backed (NVDA) CoreWeave signed a $11.9 billion five-year contract with Microsoft ( MSFT )-backed (MSFT) OpenAI to provide cloud computing services ahead of its initial public offering, Reuters reported. Nvidia ( NVDA ) shares were down 4.5%.