01:32 PM EDT, 03/26/2025 (MT Newswires) -- Tech stocks were in the red Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 2.3% and the SPDR S&P Semiconductor ETF (XSD) slumping 3.6%.

The Philadelphia Semiconductor index fell 3.8%.

In corporate news, Meta (META), Microsoft's ( MSFT ) LinkedIn and Elon Musk's X received value-added tax demands from the Italian government, Reuters reported. Meta shares were falling 2.3%, and Microsoft ( MSFT ) was down 0.9%.