04:02 PM EST, 03/05/2024 (MT Newswires) -- Tech stocks were sharply lower late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) and the SPDR S&P Semiconductor ETF (XSD) both down around 2.4%.

The Philadelphia Semiconductor index fell 2%.

In corporate news, Tesla (TSLA) shares fell 4% after media reports said the company halted production at its gigafactory in Germany, which was left without power after a suspected arson attack on a nearby electricity pylon.

Apple's ( AAPL ) iPhone sales declined by double digits in China through the first six weeks of 2024 as the firm underperformed key rivals, according to Counterpoint data. Apple ( AAPL ) shares declined 2.9%.

Advanced Micro Devices ( AMD ) has hit a US government roadblock in trying to sell a watered-down version of its artificial intelligence chips to China, Bloomberg reported late Monday. Its shares shed 0.5%.

Viavi Solutions ( VIAV ) has agreed terms on a cash offer to buy Spirent Communications in a deal that values telecommunications testing firm Spirent at roughly 1.01 billion pounds ($1.28 billion), the companies said Tuesday. Viavi shares jumped 13%.