Tech stocks were in the red Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 2.3% and the SPDR S&P Semiconductor ETF (XSD) slumping 3.6%.
The Philadelphia Semiconductor index fell 3.8%.
In corporate news, Meta 
META, Microsoft’s 
MSFT LinkedIn and Elon Musk’s X received value-added tax demands from the Italian government, Reuters reported. Meta shares were falling 2.3%, and Microsoft was down 0.9%.
