Tech stocks were higher Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.4% and the SPDR S&P Semiconductor ETF (XSD) adding 1%.

The Philadelphia Semiconductor index increased 0.5%.

In corporate news, Meta Platforms (META) shares fell nearly 2%. Bloomberg reported, citing a memo sent to employees by Chief Executive Mark Zuckerberg, that the company plans to eliminate roughly 5% of its lowest performers with the goal of backfilling the positions in 2025.

Applied Digital (APLD) said it struck a $5 billion perpetual preferred equity funding facility with Macquarie to support Applied's development of data centers. Applied Digital shares jumped 14%.

Ongoing investigations into Apple (AAPL), Meta, and Alphabet (GOOG) are being reevaluated by the European Commission under the Digital Markets Act, for potential scale back or change in scope, the Financial Times reported Tuesday. Apple shares were fractionally higher, while Alphabet was down 0.2%.