Tech Sell-Off On Wall Street Intensified In Tuesday's Trading

Barry Adams
23 Jun, 2026
New York City

Stocks in New York continued their downward slide for the second session in a row as the sell-off in tech stocks intensified. 

The S&P 500 Index decreased 1.4%, and the tech-heavy Nasdaq Composite declined 2.8%, driven by losses in memory-related stocks. 

On Monday's trading, the S&P 500 index closed down 0.4%, and the tech-heavy Nasdaq Composite dropped 1.3% following larger losses in Alphabet and SpaceX. 

On Monday, tech stocks came under pressure, and SpaceX plunged 16% after the company announced a $20 billion bond offering, and Alphabet Inc. dropped 5% after another leading AI researcher announced they would leave for a rival. 

Monday's losses kicked off a global sell-off, with the benchmark index in South Korea plunging 10% and the Nikkei 225 stock average dropping 3.6% at the close of regular trading on Tuesday. 

The global rout in memory stocks reverberated to stocks in Europe and New York. 

In New York, Micron Technology dropped 10%, SanDisk declined 9%, while electronic component maker Seagate decreased 7%, and AMD and Intel fell around 6%. 

In Europe, Infineon Technologies declined 6%, ASML Holding fell 4.8%, and STMicroelectronics dropped 7.7%.

Benchmark indexes in Germany fell 1.3%, in Italy declined 1.4%, and in France decreased 0.8%. Market indexes in London fell 0.4% as traders grappled with yet another premature departure of the UK's prime minister. 

 

U.S. Movers 

The earnings calendar is likely to dominate trading later in the week, amid an intensifying sell-off in semiconductor- and AI-related stocks. 

Kon Ferry, FedEx, and Carnival are scheduled to release their quarterly updates later today, and Micron Technology, Darden Restaurants, Winnebago, and BlackBerry are scheduled to release their results on Wednesday. 

SpaceX rebounded as much as 2.6% to $158.59 in early trading on Tuesday after the technology-focused company lost altitude in two previous sessions.