03:15 PM EST, 11/04/2025 (MT Newswires) -- Tech stocks were lower late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2.5% and the SPDR S&P Semiconductor ETF (XSD) dropping 4.5%.

The Philadelphia Semiconductor index declined 3.2%.

In corporate news, IBM ( IBM ) will shed thousands of employees this quarter amid its ongoing shift toward a business focused on software and services, Bloomberg reported. IBM ( IBM ) shares fell 1.6%.