Tech stocks were falling late Monday afternoon with the Technology Select Sector SPDR Fund (XLK) down 1% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.2%.

The Philadelphia Semiconductor index shed 0.7%.

In corporate news, Tempus AI (TEM) shares fell past 13%. The company reported preliminary 2024 revenue of $693 million, compared with its previous forecast of $700 million. Analysts polled by FactSet expect $698.6 million.

LegalZoom.com's (LZ) shares popped 4.5% after JPMorgan upgraded the stock to overweight from underweight and raised its price target to $9 from $8.

Clearwater Analytics (CWAN) agreed to buy Enfusion (ENFN) for about $1.5 billion in cash and stock. Enfusion shares jumped 9%, and Clearwater fell 4.8%.

Apple (AAPL) saw a 5% drop in global iPhone sales during the holiday quarter, losing market share to Chinese competitors like Xiaomi and Vivo, Bloomberg reported. Separately, Apple's new fees for app developers are under scrutiny from EU competition watchdogs amid concerns they may increase costs for software makers, Bloomberg reported. Apple shares were down 1.2%.