01:59 PM EDT, 07/30/2024 (MT Newswires) -- Tech stocks were in the red Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 2.6% and the SPDR S&P Semiconductor ETF (XSD) falling 2.9%.

The Philadelphia Semiconductor index fell 3.2%.

In corporate news, Meta Platforms ( META ) has reached a $1.4 billion deal with Texas to settle the state's lawsuit accusing the company of illegally using facial recognition technology to collect biometric data of users in the state without their consent, Attorney General Ken Paxton said. Meta shares were shedding 0.7%.

Alphabet's (GOOG) partnership with artificial intelligence company Anthropic is being assessed by the UK's antitrust watchdog, the regulator said Tuesday. Alphabet shares were up 0.1%.

SmartRent ( SMRT ) shares sank 18% after the company said Tuesday its Chief Executive Lucas Haldeman has stepped down and resigned from the board.