03:45 PM EST, 12/10/2024 (MT Newswires) -- Tech stocks were sliding late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.5% and the SPDR S&P Semiconductor ETF (XSD) dropping 2.6%.

The Philadelphia Semiconductor index slumped 2.7%.

In corporate news, Gen Digital ( GEN ) struck a deal to buy personal finance management platform MoneyLion ( ML ) . Gen Digital ( GEN ) will pay $82 per share in cash, representing a cash value of $1 billion. Gen Digital ( GEN ) shares shed 2.8% and MoneyLion ( ML ) jumped nearly 15%.

Microsoft ( MSFT ) investors rejected a proposal asking the board to conduct an assessment to determine if including Bitcoin in the company's balance sheet is in the best long-term interests of shareholders, Bloomberg reported. Microsoft ( MSFT ) shares were down 0.7%.

Oracle (ORCL) shares tumbled 7.5% after it reported late Monday fiscal Q2 non-GAAP earnings and revenue that trailed analyst expectations.

MongoDB (MDB) raised its full-year outlook and reported better-than-expected fiscal Q3 results, but it forecast a consumption slowdown for its Atlas cloud platform in the ongoing quarter. Mongo shares sank past 16%.