Sector Update: Tech Stocks Fall Late Afternoon

03:57 PM EDT, 09/28/2026 (MT Newswires) -- Tech stocks were lower late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) down 1% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 2.5%. The Philadelphia Semiconductor index shed 1.7%. In corporate news, MongoDB (MDB) said Monday that Chirantan Desai has stepped down as president and CEO of the firm to pursue a senior role at Meta Platforms (META). The company appointed Dev Ittycheria as interim president and CEO, effective immediately. The shares fell past 17.5%. Nvidia (NVDA) shares climbed 1.6% after the tech giant said it expanded its share buyback program by $150 billion. It also launched a software platform to help AI developers test and deploy their agents with more governance controls. Roblox (RBLX) shares fell past 9% after Jefferies downgraded the stock to underperform from hold, with a $38 price target. Snowflake (SNOW) said Monday it plans to offer $1.3 billion of its 0.0% convertible senior notes due 2029 and $2.2 billion of its 0.0% convertible senior notes due 2031. Its shares fell 2.3%.