04:00 PM EDT, 08/26/2024 (MT Newswires) -- Tech stocks declined late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) shedding 1.2% and the SPDR S&P Semiconductor ETF (XSD) falling 1.7%.

The Philadelphia Semiconductor index slumped 2.3%.

In corporate news, Applied Materials ( AMAT ) shares fell 3.2%. The company said it has received a subpoena from the US Department of Justice seeking information on its applications for federal grants and that it's fully cooperating in such matter.

Alarum Technologies ( ALAR ) shares plunged nearly 32% as the company reported lower Q2 adjusted earnings per American depositary share.

Apple ( AAPL ) is set to hold an event at its headquarters in California on Sept. 9 when it is expected to launch its iPhone 16 lineup, according to media reports. Apple ( AAPL ) shares were marginally lower.

Microsoft ( MSFT )-backed (MSFT) OpenAI supports a California bill requiring tech companies to label artificial intelligence content, Reuters reported. Microsoft ( MSFT ) shares were down 0.9%.