03:59 PM EDT, 03/11/2024 (MT Newswires) -- Tech stocks were in the red late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.3% and the SPDR S&P Semiconductor ETF (XSD) decreasing 0.8%.

The Philadelphia Semiconductor index fell 1.6%.

In corporate news, Meta Platforms ( META ) shares declined past 4% after presumptive Republican presidential nominee Donald Trump called Meta's Facebook an "enemy of the people" in a CNBC interview.

Kingsoft Cloud (KC) shares soared 28% after JPMorgan upgraded the stock to overweight from neutral while lowering its price target to $4.20 from $4.50.

Nextnav (NN) shares surged 33% after the company said it will buy for up to $50 million additional spectrum licenses in the lower 900 MHz band from Telesaurus and the Skybridge Spectrum Foundation.

GDS (GDS) may get an investment of $500 million to $600 million from alternative asset managers Hillhouse Capital, Boyu Capital and CDH Investments to back its data center business outside China, Bloomberg reported. GDS shares jumped 21%.