01:52 PM EST, 12/10/2024 (MT Newswires) -- Tech stocks were in the red Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.1% and the SPDR S&P Semiconductor ETF (XSD) dropping 2.1%.

The Philadelphia Semiconductor index slumped 2.3%.

In corporate news, Oracle (ORCL) shares tumbled nearly 8% after it reported late Monday fiscal Q2 non-GAAP earnings and revenue that trailed analyst expectations.

MongoDB (MDB) raised its full-year outlook and reported better-than-expected fiscal Q3 results, but it forecast a consumption slowdown for its Atlas cloud platform in the ongoing quarter. Its shares sank past 15%.

iLearningEngines (AILE) shares dropped nearly 11% in recent Tuesday trading after saying it recently placed several top executives, including Chief Executive Harish Chidambaran, on administrative leave while a special board committee works to finish an investigation into accusations by a short-selling firm of financial irregularities at the company.