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The Nasdaq broke key support Tuesday as AI stocks sold off, even as SpaceX reversed higher. FedEx and AI chip IPO Cerebras reported late. Micron earnings loom.
Micron’s Anthropic agreement keeps the AI-memory story in view, with earnings set to show whether HBM demand, pricing, and margins can support expectations after the pullback.
Stock markets have slumped on Wall Street as a global tech rout gathers pace.
The Nasdaq Composite hasn't had a stretch this volatile in nearly two years. If the Nasdaq moves more than 1% today, it would mark its longest such stretch of two-way volatility since Aug. 8, 2024, according to Dow Jones Market Data. "Any time we see elevated two-way volatility like this, it suggests that both pattern breakouts and breakdowns are not working," Frank Cappelleri, founder of technical analysis firm CappThesis, tells Barron's. "In other words, sharp reversals and extreme price swings like these indicate that significant posturing currently exists on BOTH sides of the market."
The Nasdaq fell hard on Tuesday. One stock's wild reversal kept it from falling harder. Yep, you probably guessed the name already.
Today, June 23, 2026, investors faced sharp volatility as rate-hike expectations and a South Korean tech sell-off rattled Wall Street.

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A South Korean memory selloff rippled through the U.S. on Tuesday morning, but Dan Ives isn't worried.
Investors are digesting a hawkish Fed, with risk-off sentiment driving a sell-off in AI and crypto
Elon Musk has seen $350bn (£264bn) shaved off his net worth as SpaceX share prices have slumped. Mr Musk became the world's first trillionaire, and is likely to have been the wealthiest person ever, when SpaceX made its debut on the New York Stock Exchange earlier this month.
Market Awaits Services and Manufacturing Numbers.
The Dow was up 50 points, or 0.1%, and on the upswing after dropping at the open. The S&P 500 was down 0.7%, while the Nasdaq was down 1.2%. The iShares Semiconductor ETF was still down 5.8%, but consumer staples, health care, real estate, utilities, financials, and communication services were all posting solid gains.
Shares are hurtling back to earth as investors grapple with a lofty valuation for a company that’s not expected to turn a profit until 2028.
The tech-heavy Nasdaq Composite was down more than 2% at the time of writing, on track for its second-worst single-day performance after tanking 4% earlier this month.
Losses spread globally as investors questioned soaring valuations and spending on AI infrastructure