{"id":2754,"date":"2026-06-23T13:08:34","date_gmt":"2026-06-23T13:08:34","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=2754"},"modified":"2026-06-23T13:08:34","modified_gmt":"2026-06-23T13:08:34","slug":"nasdaq-100-set-to-shed-over-1-trillion-as-tech-selloff-deepens-spacex-slides","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=2754","title":{"rendered":"Nasdaq 100 set to shed over $1 trillion as tech selloff deepens; SpaceX slides"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Summary<\/li>\n<li>Companies<\/li>\n<\/ul>\n<\/div>\n<div><\/div>\n<\/div>\n<div>June 23 (Reuters) &#8211; The Nasdaq 100 index was on \u200bpace to erase more than $1 trillion in market value on Tuesday as technology \u200cheavyweights and chip stocks tumbled, while Elon Musk&#8217;s SpaceX dropped below $2 trillion in market cap for the first time since its U.S. debut.<\/div>\n<div>SpaceX (SPCX.O)<svg><\/svg><span>, opens new tab<\/span>, which is expected to join the Nasdaq 100 (.NDX)<svg><\/svg><span>, opens new tab<\/span>, has lost more than $600 billion in \u200bmarket value in the past three sessions. It last had a market valuation of $1.95 \u200btrillion, if the day&#8217;s losses hold.<\/div>\n<div>The company&#8217;s shares slid 3.6% to $149.1 in premarket \u2060trading and SpaceX was only about 9% above its IPO price of $135, as a blistering \u200bpost-IPO rally last week continued to lose steam.<\/div>\n<div>Futures tracking the tech-heavy Nasdaq 100 index dropped 2.5%, \u200bimplying a more than 700-point fall. The index will lose $1.15 trillion in market value if it drops 2.79%, according to Reuters calculations.<\/div>\n<div>Chipmakers, which have emerged as some of the biggest winners of the AI trade so far \u200bthis year, also clocked heavy losses. Intel (INTC.O)<svg><\/svg><span>, opens new tab<\/span> fell 6.8% and Advanced Micro Devices (AMD.O)<svg><\/svg><span>, opens new tab<\/span> was down 5.2%.<\/div>\n<div>Memory \u200bchipmakers \u2014 the best-performing stocks on the S&amp;P 500 (.SPX)<svg><\/svg><span>, opens new tab<\/span> so far this year \u2014 lagged on Tuesday, with Micron Technology (MU.O)<svg><\/svg><span>, opens new tab<\/span> \u200cdown \u20608%, SanDisk (SNDK.O)<svg><\/svg><span>, opens new tab<\/span> falling 9.2% and Western Digital (WDC.O)<svg><\/svg><span>, opens new tab<\/span> losing 7.5%. Memory chipmakers in South Korea also recorded steep declines.<\/div>\n<div>Six of the seven &#8220;Magnificent Seven&#8221; group &#8211; the biggest technology stocks on Wall Street \u2014 were under pressure as investor concerns about elevated AI spending grew.<\/div>\n<div>Commonly dubbed hyperscalers, these firms have committed billions to scale \u200bup their AI infrastructures, \u200bthough clearer evidence that \u2060AI products can generate returns justifying the spends is yet to be seen.<\/div>\n<div>Alphabet (GOOGL.O)<svg><\/svg><span>, opens new tab<\/span> shed 2.1%, Amazon.com (AMZN.O)<svg><\/svg><span>, opens new tab<\/span> fell 1%, Tesla (TSLA.O)<svg><\/svg><span>, opens new tab<\/span> was down 3%, Nvidia (NVDA.O)<svg><\/svg><span>, opens new tab<\/span> lost \u200b3% and Apple (AAPL.O)<svg><\/svg><span>, opens new tab<\/span> was 0.4% lower. These companies are set to \u200berode a combined $345 \u2060billion in market value, if losses hold.<\/div>\n<div>Also hitting risk sentiment were worries of future interest-rate hikes by the U.S. Federal Reserve. Traders expect the central bank to raise borrowing costs by a total \u2060of 50 \u200bbasis points by December, according to the CME Group&#8217;s \u200bFedWatch Tool.<\/div>\n<div>The bets have climbed from expectations of one 25-basis-point increase seen two weeks ago, as investors price in hawkish monetary \u200bpolicy under new Fed Chair Kevin Warsh.<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2752\">Russia discusses importing fuel amid Ukrainian strikes, Crimea restricts public life<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2750\">The health risks of extreme heat<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2748\">New York Mayor Mamdani endorsements test Democrats\u2019 appetite for far-left candidates<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technology \u200cheavyweights and chip stocks tumbled, while Elon Musk&#8217;s SpaceX dropped below $2 trillion in market cap for the first time since its U.S. debut.<\/p>\n","protected":false},"author":1,"featured_media":2753,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[11,119],"class_list":["post-2754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-artificial-intelligence","tag-ev-strategy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nasdaq 100 set to shed over $1 trillion as tech selloff deepens; 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