Technology stocks were falling premarket Monday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) 1% lower.

Snowflake (SNOW) shares were down nearly 4% after the company said it plans to offer $1.30 billion aggregate principal amount of its 0.0% convertible senior notes due 2029 and $2.20 billion aggregate principal amount of its 0.0% convertible senior notes due 2031.