{"id":2785,"date":"2026-06-23T21:41:08","date_gmt":"2026-06-23T21:41:08","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=2785"},"modified":"2026-06-23T21:41:08","modified_gmt":"2026-06-23T21:41:08","slug":"trading-day-chip-wreck","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=2785","title":{"rendered":"Trading Day: Chip wreck"},"content":{"rendered":"<div><div>ORLANDO, Florida, June 23 (Reuters) &#8211; Global stocks slumped in a tech-fueled selloff on Tuesday, with investors unnerved by growing debt-funded AI spending, the prospect of a more hawkish U.S. rate outlook, and tightening financial conditions from a stronger dollar and higher U.S. bond yields.<\/div><div>In my column today I look at how \u200binvestors may struggle with Fed communications under new chair Kevin Warsh if he adopts the more opaque messaging of the Alan \u200cGreenspan era. The chasm between Citi and Bank of America&#8217;s Fed calls suggests the lack of clear signaling is already playing out.<\/div><div>If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today.<\/div><div><ol><\/ol><\/div><div>Today&#8217;s Key Market Moves<\/div><div><ul><\/ul><\/div><div>Today&#8217;s Talking Points<\/div><div>* Tech shake, rattle and roll<\/div><div>The global tech shakeout intensified on Tuesday. South Korea&#8217;s KOSPI sank 10%, the U.S. &#8220;SOX&#8221; chip index \u200bfell 8%, and the S&amp;P 500 tech subindex lost 4%. The Nasdaq&#8217;s 2% decline meant the index lost almost $1 trillion in value.<\/div><div>Some of this is \u200boverdue and perhaps even warranted &#8211; the SOX hit a record high on Monday, having more than doubled in less than two months. But it&#8217;s a worry, and fears \u200cof bursting \u2060bubbles and market turmoil will intensify if there are too many repeats.<\/div><div>* Oil loses oomph<\/div><div>Oil is down 40% from its Iran war peak, with Brent crude futures on Tuesday posting their lowest close since the conflict began in late February. Brent is below $80\/bbl and falling, WTI futures could soon test $70\/bbl.<\/div><div>It&#8217;s a remarkable reversal from well over $100\/bbl, and a welcome one for policymakers. Inflationary pressures are fading, and oil is close to being the disinflationary force it was for the \u200bwhole year before war broke out. \u200bOn Monday, the year-on-year change in \u2060WTI oil had evaporated to zero.<\/div><div>* 10 years after<\/div><div>Tuesday marked the 10th anniversary of the &#8220;Brexit&#8221; referendum in 2016 when Britons voted to leave the European Union. The country has been grappling with the economic and political consequences ever since.<\/div><div>Fittingly, the \u200banniversary coincides with yet another handover of power after Prime Minister Keir Starmer on Monday said he will resign. Divisions remain \u200bdeep, and political and \u2060economic uncertainty runs high. There&#8217;s no sign of that changing any time soon, suggesting a higher risk premium in UK assets.<\/div><div>What could move markets tomorrow?<\/div><div><ul><\/ul><\/div><div>Want to receive Trading Day in your inbox every weekday morning? Sign up for my newsletter here.<\/div><div>Opinions expressed are those of the author. They do not reflect the views of \u200bReuters News, which, under the Trust Principles<svg><\/svg><span>, opens new tab<\/span>, is committed to integrity, independence, and freedom from bias.<\/div><div>Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.<\/div><div><address><div><div><noscript>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"120\" height=\"120\" alt=\"Jamie McGeever\" class=\"wp-image-347\" src=\"https:\/\/reliablemovingcrews.com\/wp-content\/uploads\/2026\/05\/827ac9285a5eea2cd87d79c3e280a384.avif\"\/><\/figure>\n<\/noscript><\/div><div>Jamie McGeever<\/div><\/div><div><ul><li><span><div><svg><title>Email<\/title><\/svg><\/div><\/span><\/li><li><span><div><svg><title>X<\/title><\/svg><\/div><\/span><\/li><li><span><div><svg><title>Linkedin<\/title><\/svg><\/div><\/span><\/li><\/ul><\/div><\/address><\/div><\/div><p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2783\">Markets hear Greenspan echo as Warsh Fed goes quiet<\/a><\/p><p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2781\">SpaceX launches $25 billion notes offering, source says<\/a><\/p><p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2780\">U.S. Senate votes to halt Iran war in rebuke to Trump<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Global stocks slumped in a tech-fueled selloff on Tuesday, with investors unnerved by growing debt-funded AI spending, the prospect of a more hawkish U.S. rate outlook, and tightening financial conditions from a stronger dollar and higher U.S. bond yields.<\/p>\n","protected":false},"author":1,"featured_media":2784,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[148],"class_list":["post-2785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-disrupted"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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