Technology stocks were falling premarket Monday, with the State Street Technology Select Sector SPDR Fund (XLK) down 1% and the State Street SPDR S&P Semiconductor ETF (XSD) 1.1% lower

IBM (IBM) said it introduced a dual-architecture mainframe processor that allows businesses to use both IBM and Arm's (ARM) operating systems on future IBM Z and LinuxONE computers. Shares of Arm Holdings were down more than 2% pre-bell.