01:59 PM EDT, 08/26/2024 (MT Newswires) -- Tech stocks were in the red Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.5% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.8%.

The Philadelphia Semiconductor index slumped 2.5%.

In corporate news, Apple ( AAPL ) is set to hold an event at its headquarters in California on Sept. 9 when it is expected to launch its iPhone 16 lineup, according to media reports. Apple ( AAPL ) shares were shedding 0.4%.

Microsoft ( MSFT )-backed (MSFT) OpenAI supports a California bill requiring tech companies to label artificial intelligence content, Reuters reported. Microsoft ( MSFT ) shares were falling 1.2%.

SentinelOne ( S ) is expected to benefit from CrowdStrike's ( CRWD ) major outage but the impact has been "very modest" so far, Wedbush Securities said in a note. Wedbush raised its price target on SentinelOne's ( S ) stock to $30 from $20 and kept its outperform rating. SentinelOne ( S ) shares were down 1.6%, and CrowdStrike ( CRWD ) was falling 1.9%.