03:12 PM EDT, 07/28/2026 (MT Newswires) -- Tech stocks were lower late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) shedding 3.9%.

The Philadelphia Semiconductor index declined nearly 4%.

In corporate news, EchoStar ( ECHO ) unit Hughes Network Systems is preparing to file for Chapter 11 bankruptcy as soon as this weekend, The Wall Street Journal reported. The satellite internet company is facing a $1.5 billion debt maturity which is due on Aug. 1, the report said. EchoStar ( ECHO ) shares were down 1.7%.