Tech stocks were down Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 3% and the SPDR S&P Semiconductor ETF (XSD) slumping 4%.

The Philadelphia Semiconductor Index fell 3%.

In corporate news, Apple's (AAPL) suppliers may have to import parts from China or elsewhere after a fire caused extensive damage at Tata's iPhone component plant in India over the weekend, Reuters reported. Apple shares were falling 3.6%.

Meta Platforms (META) said Tuesday it will expand manufacturing of its Quest 3S mixed-reality device to Vietnam starting next year. Meta shares rose 0.7%.

PowerSchool (PWSC) said Tuesday that Bain Capital has closed its acquisition of the company for $22.80 per share in cash, for an enterprise value of $5.6 billion. PowerSchool shares shed 0.2%.