01:59 PM EDT, 09/03/2024 (MT Newswires) -- Tech stocks were in the red Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 3.8% and the SPDR S&P Semiconductor ETF (XSD) dropping 6.6%.

The Philadelphia Semiconductor index slumped 6.8%.

In corporate news, Intel ( INTC ) could be removed from the Dow Jones Industrial Average as the chipmaker's almost 60% plunge in share price this year made it the worst performer on the index, Reuters reported Tuesday, citing analysts and investors. Intel ( INTC ) shares tumbled 7.7%.

Super Micro Computer ( SMCI ) shares were rising 1% after the company said Tuesday it doesn't anticipate any material changes to its Q4 or FY 2024 results despite a delay in filing the annual Form 10-K.

Hello's (MOMO) Q2 results fell year over year amid double-digit revenue declines in its live video services and value-added services segments, while the company expects its topline to decrease by up to 15% in the ongoing three-month period versus last year. Its shares were falling 2.8%.