US close: Stocks lower as chip sell-off deepens
By Iain Gilbert
Date: Tuesday 23 Jun 2026
(Sharecast News) - Major indices closed lower on Tuesday as a global sell‑off in chip names deepened, as traders took cues from hard hit Asian markets.
At the close, the Dow Jones Industrial Average was down 0.09% at 51,666.84, while the S&P 500 shed 1.44% to 7,365.46 and the Nasdaq Composite saw out the session 2.21% lower at 25,587.04.
The Dow closed 45.87 points higher on Tuesday, taking a bite out of gains recorded in the previous session.
Tuesday's losses were primarily driven by memory‑chip makers, with Micron down 13.18% at the open, while Sandisk dropped 13.64% and Seagate slid 5.07%. Intel was down 6.14%, and AMD and Qualcomm lost 5.76% and 8.01%, respectively. Wall Street's weakness also extended beyond semiconductors, with Alphabet slipping another 0.77% after a 5% fall on Monday amid concerns over high‑profile AI talent departures.
The broad retreat follows a sharp reversal in tech sentiment that began at the start of the week and has since accelerated across global markets, with South Korea's benchmark, which was up 95% this year, down almost 10%, while Japan's Nikkei 225 shed 3.55% - breaking an eight sessions winning streak.
However, stocks came off their lows on Tuesday as gains in several big tech names outside the chip sector helped steady the market, with Microsoft and Amazon both moving higher, while defensive names including Walmart, Procter & Gamble and Johnson & Johnson also advanced.
In terms of earnings, FedEx beat quarterly profit forecasts and projected around 11% revenue growth for 2026, but shares headed south in after‑hours trading after margins weakened in its core Express division. FedEx issued earnings guidance of $16.90 to $18.10 per share for the year as it shifts its fiscal year to align with the calendar year rather than a May year‑end.
On the macro front, US business activity picked up in June, with preliminary data from S&P Global data showing manufacturing, services and the overall US economy all growing at their fastest pace in several months. S&P Global's manufacturing purchasing managers index rose to 55.7 from 55.1 in May, beating expectations and marking the strongest reading since May 2022. Elsewhere, the services PMI edged up to 51.3 from 50.7, slightly above consensus and signalling the fastest rate of expansion in four months. Together, the moves lifted the composite PMI to 52.2 from 51.5, the strongest pace of private‑sector growth since January. S&P Global said the improvement reflected a six‑year high in manufacturing output and firmer services activity.
On another note, the Federal Reserve's Fifth District manufacturing index fell sharply in June, dropping to 4 from 13 in May, the Richmond Federal Reserve said on Tuesday, indicating modest growth but also poining to a clear loss of momentum.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
International Business Machines Corporation (CDI) (IBM) $264.94 5.04%
Merck & Co. Inc. (MRK) $119.60 3.57%
Johnson & Johnson (JNJ) $239.08 3.37%
Verizon Communications Inc. (VZ) $46.73 3.02%
Salesforce.Com Inc. (CRM) $153.42 2.20%
Procter & Gamble Co. (PG) $150.86 2.15%
Travelers Company Inc. (TRV) $316.96 2.04%
Amgen Inc. (AMGN) $347.01 1.34%
Walt Disney Co. (DIS) $103.53 1.05%
Coca-Cola Co. (KO) $80.31 0.98%
Dow Jones - Fallers
Intel Corp. (INTC) $132.28 -4.17%
Caterpillar Inc. (CAT) $984.24 -3.72%
Apple Inc. (AAPL) $294.30 -2.44%
Nike Inc. (NKE) $42.38 -1.88%
Boeing Co. (BA) $216.71 -1.87%
Dow Chemical Co. (DOW) $30.33 -1.49%
Microsoft Corp. (MSFT) $373.94 -1.28%
Goldman Sachs Group Inc. (GS) $1,094.44 -1.08%
3M Co. (MMM) $161.84 -0.85%
Home Depot Inc. (HD) $324.45 -0.66%
S&P 500 - Risers
Bath & Body Works, Inc. (BBWI) $20.72 5.55%
H&R Block Inc. (HRB) $35.87 5.38%
International Business Machines Corporation (CDI) (IBM) $264.94 5.04%
Hershey Foods Corp. (HSY) $179.27 4.90%
ConAgra Brands Inc (CAG) $13.43 4.51%
Charter Communications Inc. (CHTR) $131.75 4.42%
Allstate Corp (The) (ALL) $231.55 4.04%
Progressive Corp. (PGR) $215.69 4.01%
Ball Corp (BALL) $60.49 3.93%
Cencora Inc (COR) $281.10 3.62%
S&P 500 - Fallers
Micron Technology Inc. (MU) $1,051.77 -11.06%
Western Digital Corp. (WDC) $670.75 -9.72%
Ipg Photonics Corp. (IPGP) $107.65 -8.77%
Coterra Energy Inc. (CTRA) $32.56 -8.62%
Microchip Technology Inc. (MCHP) $93.26 -8.26%
KLA-Tencor Corp. (KLAC) $244.49 -8.22%
Cognizant Technology Solutions Corp. (CTSH) $40.95 -7.70%
Texas Instruments Inc (TXN) $304.36 -7.59%
Corning Inc. (GLW) $194.07 -7.51%
Applied Materials Inc. (AMAT) $585.88 -7.49%
Nasdaq 100 - Risers
Charter Communications Inc. (CHTR) $131.75 4.42%
Expedia Group Inc. (EXPE) $245.07 3.12%
eBay Inc. (EBAY) $108.97 2.40%
O'Reilly Automotive Inc. (ORLY) $87.54 2.24%
Regeneron Pharmaceuticals Inc. (REGN) $618.03 2.20%
Incyte Corp. (INCY) $104.40 2.16%
Monster Beverage Corp (MNST) $93.69 1.99%
T-Mobile Us, Inc. (TMUS) $184.57 1.90%
Biomarin Pharmaceutical Inc. (BMRN) $56.50 1.88%
Comcast Corp. (CMCSA) $22.80 1.88%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $0.34 -13.49%
Micron Technology Inc. (MU) $1,051.77 -11.06%
Western Digital Corp. (WDC) $670.75 -9.72%
Microchip Technology Inc. (MCHP) $93.26 -8.26%
KLA-Tencor Corp. (KLAC) $244.49 -8.22%
Asml Holdings N.V. (ASML) $1,778.46 -8.12%
Cognizant Technology Solutions Corp. (CTSH) $40.95 -7.70%
Texas Instruments Inc (TXN) $304.36 -7.59%
Applied Materials Inc. (AMAT) $585.88 -7.49%
Analog Devices Inc. (ADI) $407.26 -7.10%
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