Tech Giant Weakness Drags Nasdaq Down Over 1%, Semiconductor Index Rises Against the Trend by About 2% to Hit a New All-Time High

BlockBeats News, June 23rd. The U.S. stock market came under pressure on Monday, with a tech sell-off overshadowing optimism from the U.S.-Iran talks progress, leading to a more than 1.3% drop in the Nasdaq. The tech sector sell-off was concentrated in tech giants, as Google DeepMind Vice President and 2024 Nobel Prize in Chemistry winner John Jumper announced his move to Anthropic, sparking concerns in the market about Google's AI talent drain. Alphabet led the decline, plummeting about 5% in a single day. SpaceX's stock price fell over 16%, hitting a record low since its IPO.

The semiconductor index rose against the trend by about 2%, hitting a historic high. Lam Research (LRCX) rose by 5.27%, Intel (INTC) by 5.19%, Applied Materials (AMAT) by 3.74%, and KLA Corporation (KLAC) by 3.70%. Most stocks in the storage sector rose, with Micron Technology (MU) up by 6.82%, SanDisk (SNDK) by 4.07%, and Seagate Technology (STX) by 2.22%.

Optical communication concept stocks rose across the board, with Credo (CRDO) up by 11.29%, Coherent (COHR) by 9.22%, Corning (GLW) by 7.65%, Ciena (CIEN) by 7.50%, Nokia (NOK) by 6.97%, Applied Optoelectronics (AAOI) by 5.80%, and Astera Labs (ALAB) by 5.42%.