01:49 PM EDT, 09/16/2024 (MT Newswires) -- Tech stocks were in the red Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.4% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.8%.

The Philadelphia Semiconductor index slumped 1.7%.

In corporate news, Intel ( INTC ) has officially qualified for up to $3.5 billion in US government funding to make semiconductors for a secret military program, Bloomberg reported. Intel ( INTC ) shares jumped nearly 4%.

Demand for Apple's ( AAPL ) new iPhone 16 is lower than expected, media outlets reported Monday. Apple ( AAPL ) shares were falling 2.8%.

CACI International ( CACI ) shares rose 3.5% after it said Monday it has agreed to buy Azure Summit Technology in an all-cash deal worth about $1.28 billion.