Stock market today: S&P 500, Nasdaq sink as AI trade cools off, semiconductor stocks retreat

Stock market today: S&P 500, Nasdaq sink as AI trade cools off, semiconductor stocks retreat Amalya Dubrovsky , Rian Howlett , Karen Friar and Jake Conley Updated Tue, June 23, 2026 at 10:01 PM GMT+2 1 min read ^IXIC ^DJI ^GSPC SPCX 000660. KS US stocks slid on Tuesday as a sell-off in memory chipmakers on Wall Street spurred doubts about the AI trade. The tech-exposed Nasdaq Composite ( ^IXIC ) sank roughly 2.

1%, leading Wall Street down. Meanwhile, the S&P 500 ( ^GSPC ) lost 1. 4%, while the Dow Jones Industrial Average ( ^DJI ), which includes fewer tech names, fell just below the flat line.

The Nasdaq took another hammering on Tuesday after Monday saw Big Tech players take a hit as SpaceX ( SPCX ) notched its third day of losses in a row . Shares in Elon Musk's space company briefly wiped out all of its post-IPO gains but then turned higher in afternoon trading, ending the day slightly in the green. Piling on the pressure, a sell-off in memory chip giants SK Hynix ( 000660.

KS ) and Samsung Electronics ( 005930. KS , SSNLF ) in South Korea underscored growing questions about overstretched AI valuations. Both saw their shares sink by over 12% , dragging the benchmark Kospi Composite ( ^KS11 ) stock index to a 10% loss.

The rout turns up the focus on Micron ( MU ) earnings due for release on Wednesday, watched for a read on how strong the demand for memory remains. Shares in the memory chipmaker dropped over 13%, after surging to a record close on Monday. Meanwhile, ongoing peace and nuclear negotiations between the US and Iran showed signs of progress .

Brent ( BZ=F ) and WTI ( CL=F ) crude futures both fell after the US issued a 60-day waiver on oil sanctions on its adversary and satellite data showed an uptick in crossings through the Strait of Hormuz.