{"id":2758,"date":"2026-06-23T14:09:45","date_gmt":"2026-06-23T14:09:45","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=2758"},"modified":"2026-06-23T14:09:45","modified_gmt":"2026-06-23T14:09:45","slug":"wall-st-tumbles-on-tech-selloff-as-concerns-about-hawkish-fed-ai-spending-mount","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=2758","title":{"rendered":"Wall St tumbles on tech selloff as concerns about hawkish Fed, AI spending mount"},"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 and the S&amp;P 500 fell to over one-week lows on Tuesday, dragged down by sharp losses in \u200bsemiconductor stocks as investors braced for a more hawkish Federal Reserve and scrutinized growing debt-funded AI spending.<\/div>\n<div>If losses hold, the Nasdaq \u200c100 would lose over $1 trillion in market value. Nvidia (NVDA.O)<svg><\/svg><span>, opens new tab<\/span> fell 3%, Alphabet (GOOGL.O)<svg><\/svg><span>, opens new tab<\/span> shed 1.2%, and chipmakers Intel (INTC.O)<svg><\/svg><span>, opens new tab<\/span>, Marvell Technology (MRVL.O)<svg><\/svg><span>, opens new tab<\/span> and Advanced Micro Devices (AMD.O)<svg><\/svg><span>, opens new tab<\/span> fell between 6.2% and 8.7%.<\/div>\n<div>Memory chipmakers Micron Technology (MU.O)<svg><\/svg><span>, opens new tab<\/span> and SanDisk (SNDK.O)<svg><\/svg><span>, opens new tab<\/span>, among the best performers on the S&amp;P 500 this year, slumped 12% and 13%, respectively.<\/div>\n<div>The Philadelphia SE Semiconductor index (.SOX)<svg><\/svg><span>, opens new tab<\/span> tumbled 7.3%, while the S&amp;P 500 tech sector \u200bindex (.SPRCT)<svg><\/svg><span>, opens new tab<\/span> shed 3.2%.<\/div>\n<div>A sharp selloff in the previous session rocked U.S. tech heavyweights, driven by doubts over hyperscalers&#8217; debt-backed AI spending despite stretched \u200bvaluations.<\/div>\n<div>&#8220;The AI trade became one of the most crowded trades in global markets. When everybody owns the same stocks, \u2060the exit door becomes very small very quickly,&#8221; said Nigel Green, chief executive of investment adviser deVere Group.<\/div>\n<div>At 09:35 a.m. ET, the Dow Jones Industrial Average (.DJI)<svg><\/svg><span>, opens new tab<\/span> \u200bfell 395.32 points, or 0.76%, to 51,317.39, the S&amp;P 500 (.SPX)<svg><\/svg><span>, opens new tab<\/span> lost 114.96 points, or 1.54%, to 7,357.83 and the Nasdaq Composite (.IXIC)<svg><\/svg><span>, opens new tab<\/span> lost 533.73 points, or 2.04%, \u200bto 25,632.87.<\/div>\n<div>The rate-sensitive Russell 2000 index (.RUT)<svg><\/svg><span>, opens new tab<\/span> fell 1.7%. The CBOE Volatility Index (.VIX)<svg><\/svg><span>, opens new tab<\/span>, Wall Street&#8217;s fear gauge, hit an over one-week high, climbing 2.92 points to 20.13.<\/div>\n<div>Four of 11 major S&amp;P 500 sectors moved higher, with consumer staples (.SPLRCS)<svg><\/svg><span>, opens new tab<\/span> rising the most at 1.2%. With highly priced tech shares coming under pressure recently, investors have shifted focus to other areas of \u200bthe market.<\/div>\n<div>Heavily battered software shares (.SPLRCIS)<svg><\/svg><span>, opens new tab<\/span> also gained with ServiceNow (NOW.N)<svg><\/svg><span>, opens new tab<\/span> and Atlassian (TEAM.O)<svg><\/svg><span>, opens new tab<\/span> up 2.5% each, while Adobe (ADBE.O)<svg><\/svg><span>, opens new tab<\/span> and Salesforce (CRM.N)<svg><\/svg><span>, opens new tab<\/span> added 1.4% and 1.2%, respectively, following Monday&#8217;s \u200blosses.<\/div>\n<div>Shares of Elon Musk&#8217;s SpaceX (SPCX.O)<svg><\/svg><span>, opens new tab<\/span> fell 4.8%. More than $600 billion was wiped off the company&#8217;s market value over the past three sessions. SpaceX, which debuted earlier this month, joined \u200ca list \u2060of megacaps to tap the bond market to raise capital.<\/div>\n<div>&#8220;SpaceX is not yet part of the Nasdaq indexes, but the fact that it is jumping on the bond train to fund excessive AI and infrastructure spending revives earlier concerns that Big Tech may be spending too much on AI infrastructure and increasingly financing that spending through debt,&#8221; said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.<\/div>\n<div>Traders are increasingly betting on a second interest rate hike by the U.S. Fed \u200bby December, according to LSEG data, \u200bcompared to expectations of just one \u206025-basis-point hike two weeks ago, as investors price in hawkish monetary policy under new Chair Kevin Warsh.<\/div>\n<div>The S&amp;P 500 is heading for its strongest quarterly gain in six years, buoyed by a Middle East ceasefire and stronger-than-expected earnings, even \u200bas concerns over stretched AI stock valuations resurface.<\/div>\n<div>Micron&#8217;s results, expected on Wednesday, could offer some clues on the \u200boutlook for the memory \u2060and AI chip sector after a searing rally this year.<\/div>\n<div>Investors are keeping a close eye on developments in the Middle East after the U.S. waived sanctions on Iran for 60 days after the first round of talks under a nascent peace deal.<\/div>\n<div>The focus this week will be on the closely watched Personal Consumption Expenditures Index \u2060data, the Federal \u200bReserve&#8217;s preferred inflation gauge. The data is expected on Thursday.<\/div>\n<div>Declining issues outnumbered advancers by a \u200b2.12-to-1 ratio on the NYSE and by a 1.65-to-1 ratio on the Nasdaq.<\/div>\n<div>The S&amp;P 500 posted two new 52-week highs and three new lows, while the Nasdaq Composite recorded 19 new highs \u200band 95 new lows.<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2756\">The Magnificent Seven Monitor<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2754\">Nasdaq 100 set to shed over $1 trillion as tech selloff deepens; SpaceX slides<\/a><\/p>\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","protected":false},"excerpt":{"rendered":"<p>The Nasdaq and the S&#038;P 500 fell to over one-week lows, dragged down by sharp losses in \u200bsemiconductor stocks as investors braced for a more hawkish Federal Reserve and scrutinized growing debt-funded AI spending.<\/p>\n","protected":false},"author":1,"featured_media":2757,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[54],"class_list":["post-2758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-stocks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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