US stocks open lower as tech selloff deepens

Key Facts

1The Dow Jones Industrial Average fell 207 points at Friday's open.

2The Nasdaq Composite fell 0.95% as selling pressure persisted on tech and semiconductor stocks.

3US stocks opened lower as the tech selloff deepened.

As the rotation from growth to value stocks continues, US stocks opened sharply lower on Friday. According to reports, the Dow Jones Industrial Average fell 207 points at the open, while the Nasdaq Composite dropped 0.95%, with sustained selling pressure on tech and semiconductor stocks.

The decline came despite positive US Services PMI data released on June 23, which came in at 51.3, pointing to expansion. However, investors continued to reduce positions in technology stocks, ignoring strong recent earnings and upbeat demand forecasts for some companies.

In the coming week, traders will watch US employment data, producer price indices, and any remarks from Fed officials to gauge the monetary policy path and its potential impact on risk appetite.