EL7.AI
StocksMediumUpdated×2•Originally published 24 June 2026•Updated 24 June 2026•
1 min read

U.S. Market Sell-off Broadens as S&P 500 and Nasdaq Slide on Tech Weakness

Key Facts

1The NASDAQ index dropped 3% driven by a heavy sell-off in the technology sector.
2Major chip stocks including Intel, AMD, and Micron tumbled following overnight losses in Asian markets.

Reflecting a broader shift in market sentiment, the U.S. sell-off expanded as the S&P 500 index dipped alongside the Nasdaq in choppy trading. According to reports, technology stocks continued their decline, acting as the primary drag on the broader market indices. This expansion of selling pressure suggests that the volatility previously contained within the tech sector is now influencing wider market benchmarks.

The rout extended to industry peers, with market data showing NVDA at $196.78 and TSM at $435.42 (June 24, 2026). This sector-wide decline follows a period of heightened volatility in memory chip-related shares, as evidenced by Micron (MU) hitting a daily low of $992.55 per market data. Analysts note that the current pressure mirrors broader concerns regarding cyclical demand in the hardware space compared to previous quarters.

Investors are now focusing on key technical levels, with INTC closing at $132.28 (June 23, 2026) and AMD at $551.63 (June 22, 2026). Looking ahead, upcoming catalysts such as the U.S. Initial Jobless Claims and the Philadelphia Fed Manufacturing Index will be critical in determining if the Nasdaq and S&P 500 can find a floor or if the bearish momentum will persist.