03:53 PM EDT, 10/01/2024 (MT Newswires) -- Tech stocks were falling late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 2.4% and the SPDR S&P Semiconductor ETF (XSD) retreating 3%.

The Philadelphia Semiconductor Index fell 3%.

In corporate news, Fastly (FSLY) shares slumped 5.4% after Raymond James downgraded the stock to market perform from strong buy.

International Business Machines ( IBM ) said Tuesday it opened a quantum data center in Germany, the first one located outside of the US and the company's second in the world. IBM ( IBM ) shares were down 0.6%.

Apple's ( AAPL ) suppliers may have to import parts from China or elsewhere after a fire caused extensive damage at Tata's iPhone component plant in India over the weekend, Reuters reported. Apple ( AAPL ) shares were falling 2.9%.

Meta Platforms ( META ) said Tuesday it will expand manufacturing of its Quest 3S mixed-reality device to Vietnam starting next year. Meta shares were up 0.9%.