03:59 PM EDT, 07/29/2024 (MT Newswires) -- Tech stocks fell in late Monday afternoon trading with the Technology Select Sector SPDR Fund (XLK) easing 0.5% and the SPDR S&P Semiconductor ETF (XSD) down 0.1%.

The Philadelphia Semiconductor index fell 0.4%.

In corporate news, CommScope ( COMM ) shares jumped 21% after the company in a preliminary report said it expects Q2 net sales to top estimates by analysts.

Microsoft ( MSFT ) is expected to deliver stronger-than-expected results ins fiscal Q4 amid cloud computing and artificial intelligence momentum, Wedbush Securities said. Microsoft ( MSFT ) shares added 0.5%.

ON Semiconductor (ON) fiscal Q2 results topped market estimates, while the chipmaker issued an earnings outlook for the current quarter that matched analyst expectations at the midpoint. The shares surged 12%.

Apple ( AAPL ) will likely post a "modest beat" for its fiscal Q3 results, BofA Securities said in a report. BofA reiterated Apple's ( AAPL ) buy rating and kept the $256 price target. The tech giant's shares were little changed.