01:52 PM EDT, 03/10/2025 (MT Newswires) -- Tech stocks tumbled Monday afternoon with the Technology Select Sector SPDR Fund (XLK) dropping 4.4% and the SPDR S&P Semiconductor ETF (XSD) slumping 5.2%.

The Philadelphia Semiconductor index fell 5.1%.

In corporate news, ServiceNow ( NOW ) agreed to buy Moveworks for $2.85 billion. ServiceNow ( NOW ) shares fell 8.2%.

MicroStrategy's ( MSTR ) shares dropped 17%. The company launched an at-the-market offering for up to $21 billion of its 8% Series A perpetual strike preferred stock, which is convertible into Class A common shares.

IBM ( IBM ) won a UK lawsuit in the UK that accused US tech entrepreneur John Moores' LzLabs of stealing trade secrets, Reuters reported, citing a High Court ruling. IBM ( IBM ) shares eased 0.2%.