03:54 PM EST, 12/17/2024 (MT Newswires) -- Tech stocks dropped late Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) decreasing 0.8% and the SPDR S&P Semiconductor ETF (XSD) falling 2.4%.

The Philadelphia Semiconductor index dropped 1.9%.

In corporate news, Nukkleus ( NUKK ) shares soared ninefold. The company bought a 51% controlling stake in Star 26 Capital, a defense acquisition firm holding 95% ownership in Rimon, an Israeli supplier of "critical components" for the Iron Dome missile defense system, for $26 million.

Sealsq ( LAES ) shares jumped 21%. The company announced a partnership with Hedera to deliver "quantum-resistant semiconductors."

Cloudflare ( NET ) shares rose 3% after Stifel Nicolaus upgraded the stock to buy from hold and raised its price target to $136 from $95.

Amentum (AMTM) shares tumbled 9.9%, a day after the company reported a decline in fiscal Q4 adjusted earnings and sales.