Stocks Fall on Chip Rout
June 23,2026 10:48 AM EST
The S&P 500 was lower on Tuesday as a tech selloff that began during the prior session picked up steam overnight, with global markets in Asia routed as memory chip-related shares tumbled.
The Dow Jones Industrials were lifted 26.34 points to 51,738.05.
The much broader index shed 62.08 points to 7,410.71.
The NASDAQ plunged 348.64 points, or 1.3%, to 25,817.97.
The major averages came off their lows as tech stocks outside of chipmakers such as Microsoft and Amazon as well as defensive stocks like Walmart, Procter & Gamble and Johnson & Johnson moved higher.
Additionally, International Business Machines shares popped 4% following an upgrade to overweight at JPMorgan, while Sherwin-Williams and Merck saw gains as well.
U.S.-traded Micron Technology then followed suit, with the memory chipmaker down 11%. Sandisk fell 12% while components maker Seagate Technology also shed more than 8%. Intel pulled back 4%, while Advanced Micro Devices shed 5% and Qualcomm lost 8%.
Recent IPO Cerebras will report earnings after the bell Tuesday, while Micron will report results on Wednesday after the close.
Prices for the 10-year Treasury rebounded, lowering yields to 4.48% from Monday’s 4.51%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.16 to $72.60 U.S. a barrel.
Gold prices dropped $51.20 to $4,151.70. U.S. an ounce.
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