Tech Selling Overshadows U.S.-Iran Developments, Crude Oil Plunge
Schwab Network
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June 23, 2026 at 01:45 PM UTC
Bearish
95% Confidence
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Key Points
- South Korean KOSPI index fell by nearly 10% overnight, with Samsung and SK Hynix down over 12%.
- US equity futures are significantly lower, with Nasdaq-100 futures down around 3% due to the global tech sell-off.
- Memory stocks (Micron, SanDisk, Western Digital, Seagate) are experiencing substantial declines, with Micron's earnings due tomorrow.
- Mega-cap tech and semiconductor stocks like Nvidia, AMD, Broadcom, Intel, Alphabet, and Tesla are also down, contributing to the broader market weakness.
- Crude oil prices are falling below $74, reaching their lowest level since March 3, following news that Iran has agreed to nuclear inspections.
AI Summary
The market is experiencing a global tech sell-off, led by significant declines in South Korean tech stocks, which has spilled over into US tech futures and memory stocks. This 'risk-off' sentiment overshadows positive developments regarding Iran's nuclear inspections and a slight dip in crude oil prices, indicating a broad market weakness.
Model Analysis Breakdown
| Model | Sentiment | Confidence |
|---|---|---|
| Gemini 2.5 Flash | Bearish | 95% |
| Consensus | Bearish | 95% |