US stock futures dropped on June 23, 2026, with S&P 500 Index futures falling 1.3% by 7:41 a.m. in New York. This decline was part of a global selloff in technology stocks, particularly hitting semiconductor companies. The Philadelphia Semiconductor Index plunged 7.9% on Tuesday, with all 30 of its members experiencing drops, leading one strategist to call it a "chip-wreck." Companies like Micron Technology Inc., Marvell Technology Inc., and On Semiconductor Corp., which had seen triple-digit percentage gains in 2026, were significantly impacted.
The broader market also closed lower on Tuesday, with the Nasdaq and S&P 500 reaching more than one-week lows. The S&P 500 lost 1.44% to 7,365.47, and the Nasdaq Composite fell 2.21% to 25,587.04. The Dow Jones Industrial Average ended slightly lower, down 0.09% to 51,665.49. This downturn was attributed to investor scrutiny of growing debt-funded AI spending and expectations of a more hawkish U.S. Federal Reserve under new Chair Kevin Warsh. Nvidia dropped 4.1%, Alphabet fell 1%, and other chipmakers like Intel, Marvell Technology, and Advanced Micro Devices lost between 5.8% and 9.4%. Memory chipmakers Micron Technology and SanDisk both fell around 13%.
Despite the initial selloff, stocks climbed in late hours on speculation that Micron Technology Inc.'s strong outlook would help restore confidence in the artificial intelligence trade. Micron, the largest US maker of computer memory chips, jumped 13% after regular trading hours, following a sales forecast that topped estimates due to AI-fueled shortages. A nearly $500 billion exchange-traded fund tracking the Nasdaq 100 rose 1.5% after the close of regular trading, indicating a potential rebound in investor sentiment towards AI-related stocks.
