Tech rout intensifies as selloff grips global stocks

• South Korea's Kospi closed down 10%, with major chipmakers and tech giants losing over 12% each
• European Stoxx 600 Technology index fell 3.2%, with chipmakers down more than 7% in early trading
• U.S. pre-market trading showed Nasdaq futures down 7.8% and major tech stocks including Nvidia (-3%), Intel (-8.4%), and AMD (-6%) extending Monday's selloff

Summary

Market Overview:

Global equity markets experienced a severe selloff on Tuesday, June 22-23, 2026, with technology stocks bearing the brunt of losses. The rout followed a weak Monday session on Wall Street and spread across international markets.

Key Market Movements:

• Asia: South Korea's Kospi index plunged 10%, with major chipmakers and tech giants falling over 12%
• Europe: Stoxx 600 declined 1.2%, while the Stoxx 600 Technology index dropped 3.2%. STMicroelectronics and ASML both fell more than 7%
• U.S. Pre-market: Nasdaq futures down 2.7%, semiconductor ETF (SOXX) declined 7.8%

Individual Stock Performance:

Major tech names saw significant pre-market losses:

• Micron Technology: -8.4%
• AMD: -6%
• Intel: -3%
• Amazon and Meta extended Monday's losses, down 1% and 0.7% respectively

Catalyst:

The selloff was triggered by SpaceX stock falling 16% on Monday, resulting in a $600 billion market value wipeout. This sparked broader investor rotation away from the "Magnificent Seven" tech stocks (Apple, Microsoft, Google, Amazon, Meta, Nvidia, Tesla).

Market Implications:

The widespread nature of the decline—spanning Asia, Europe, and U.S. markets—suggests risk-off sentiment and potential concerns about elevated tech valuations. The semiconductor sector appears particularly vulnerable, with chip stocks leading losses across all regions. Both the S&P 500 and Nasdaq Composite declined Monday, with continued pressure indicated in pre-market trading.