01:50 PM EDT, 06/24/2024 (MT Newswires) -- Tech stocks were retreating in Monday afternoon trading, with the Technology Select Sector SPDR Fund (XLK) down 1.9% and the SPDR S&P Semiconductor ETF (XSD) shedding 1.3%.

The Philadelphia Semiconductor index dropped 2.3%.

In corporate news, Apple's ( AAPL ) steering rules in its App Store marketplace are in breach of the European Commission's new digital competition law, the regulator said Monday, while also opening a second probe into contract terms for developers. Apple ( AAPL ) shares were rising 1%.

Broadcom ( AVGO ) is working with ByteDance to develop an advanced AI processor to ensure a stable supply of high-end chips amid US-China tensions, according to media reports. Broadcom ( AVGO ) shares were falling 2%.

Exela Technologies ( XELA ) shares jumped more than 15% after the company said Monday it has won a short-term contract valued at over $35 million for projects related to security breach remediation.