On June 23, 2026, significant declines were observed in major U.S. stock indexes, with the S&P 500 Index down 1.04% to a 1.5-week low, the Nasdaq 100 Index falling 2.67%, and a slight increase of 0.01% for the Dow Jones Industrial Average. The drop was fueled by concerns over inflated valuations in the semiconductor and memory sectors, particularly affecting companies fueling the artificial intelligence boom. Japan’s Nikkei fell over 3%, while South Korea’s Kospi plummeted more than 10%, leading to over $2.5 billion in foreign sell-offs.
In economic data, the June S&P manufacturing PMI rose to 55.7, surpassing forecasts of 54.6, but the Richmond Fed manufacturing survey showed a decline to 4, below expectations of 8. The probability of a 25 basis point rate hike at the next Federal Open Market Committee meeting stands at 36%. Additionally, European markets also faced losses, with the Euro Stoxx 50 dropping 0.93% and the UK’s manufacturing PMI declining to 53.1.
As for individual stocks, chipmakers suffered heavily, with the iShares Semiconductor ETF down over 7%, and notable declines included SanDisk down over 11% and Micron Technology decreased over 9%. Conversely, IBM gained more than 5% following an upgrade by JPMorgan Chase. Other notable movers included Primoris Services down over 26% after lowering its profit outlook, while Edgewell Personal Care rose 14% after rejecting a takeover bid.
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