US Stocks Plunge Sharply, Tech Sector Hit Hard
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 23 2026
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Source: NASDAQ.COM
- Market Sell-off: The S&P 500 fell 1.44%, the Dow Jones Industrial Average dipped 0.09%, and the Nasdaq 100 plummeted 3.29%, reflecting investor concerns over high valuations in tech stocks, leading to diminished market confidence.
- Asian Market Impact: Japan's Nikkei index dropped over 3%, while South Korea's Kospi index plummeted more than 10%, with foreign investors offloading over $2.5 billion in Kospi shares, indicating a global bearish sentiment towards tech stocks.
- Mixed Manufacturing Data: The US June manufacturing PMI unexpectedly rose to 55.7, surpassing expectations, indicating economic resilience; however, the Richmond Fed's manufacturing survey current conditions fell to 4, below the expected 8, suggesting uncertainty in economic recovery.
- Bond Market Reaction: Amid the stock sell-off, the 10-year T-note yield fell to 4.493%, while the 10-year breakeven inflation rate dropped to a 6-month low of 2.210%, reflecting increased demand for safe-haven assets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
