03:46 PM EDT, 04/02/2024 (MT Newswires) -- Tech stocks were falling late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 1.1% and the SPDR S&P Semiconductor ETF (XSD) tumbling 2.6%.

The Philadelphia Semiconductor index dropped 1.7%.

In corporate news, Veeva Systems ( VEEV ) shares sank nearly 6%, a day after the company said in a regulatory filing that Brent Bowman stepped down as chief financial officer.

Tesla's (TSLA) Q1 vehicle deliveries missed analysts' expectations and decreased both on a sequential and annual basis, partially impacted by factory shutdowns. Tesla shares tumbled 5.1%.

GSI Technology ( GSIT ) said two of its "high capacity, low power" server products have gone into production. Its shares surged 35%.

Zhibao Technology (ZBAO) shares were falling almost 15% in recent trading, after the company made its debut on Nasdaq.