Markets
markets
Helena Cheng

Chip stocks and high-flying tech shares plunge, sending the Nasdaq, S&P 500 lower

Chipmakers, artificial intelligence giants, and other highly valued tech stocks plunged Tuesday, dragging major US stock indexes deep into the red as the recent chip and AI complex comeback abruptly fizzled.

The Invesco QQQ Trust, which tracks the Nasdaq 100, is off around 3% on the day, and S&P 500 is down almost 2%.

The iShares Semiconductor ETF is also sinking, effectively giving up all the gains it saw yesterday as it surged to one of its best days of the year.

Wall Street initially opened in positive territory, but enthusiasm rapidly deteriorated midday as investors seemed to aggressively lock in profits on volatile, high-growth semiconductor stocks that, until recently, had been shooting upward.

This pivot follows a brutal trading day last Friday when momentum stocks collided with a rosy jobs report, profit-taking, and perhaps some very belated pessimism triggered by disappointing guidance from Broadcom, sending a host of previously bid-up names falling.

Many of those same shares are tumbling on Tuesday:

  • Micron completely flipped its intraday trajectory, plummeting over 9% at one point after gaining in early-morning trading. The memory provider has still more than tripled its valuation since the beginning of 2026. AMD shares also plummeted.

  • Marvell Technology jumped nearly 10% yesterday and advanced further soon after the opening bell, but reversed course midday and was down double digits, on pace for its second-worst day this year. The company was recently selected to join the S&P 500 Index effective June 22.

  • Intel is sinking after jumping in yesterday’s session on a report that Google and Nvidia are considering turning to the chipmaker as a backup supplier to TSMC.

  • Apple’s shares are selling down following the kickoff of its Worldwide Developers Conference yesterday, where it showcased the new AI-powered version of Siri and the trust and safety features of iOS 27.

The tech-driven slide overshadowed a positive macroeconomic buffer from the energy sector, with oil prices sliding. The relief in crude costs came after ongoing negotiations signaled that shipping traffic through the crucial Strait of Hormuz is normalizing, according to Reuters, though this drop was tempered by a threat from President Trump to retaliate against Iran for an attack on a US helicopter in the strait.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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