03:26 PM EDT, 07/07/2025 (MT Newswires) -- Tech stocks were in the red late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) declining 0.9% and the SPDR S&P Semiconductor ETF (XSD) falling 2.8%.

The Philadelphia Semiconductor index dropped 1.9%.

In corporate news, Alphabet's (GOOG) Isomorphic Labs is preparing to start human trials of its AI-designed drugs, Fortune reported Monday, citing Isomorphic Labs President Colin Murdoch. The report said Isomorphic has signed deals with major pharmaceutical companies such as Novartis (NVS) and Eli Lilly (LLY), and has been working in areas like oncology and immunology. Alphabet shares were down 1.9%.