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

BlockBeats News, June 23rd. The U.S. stock market came under pressure on Monday, with a weakness in tech giants overshadowing the optimistic sentiment from the U.S.-Iran talks progress, leading to a more than 1.3% drop in the Nasdaq. Selling pressure in the tech sector was concentrated in tech giant companies. John Jumper, Vice President of Google DeepMind and the 2024 Nobel Prize in Chemistry winner, announced his move to Anthropic, triggering market concerns about Google's AI talent drain. Alphabet led the decline, plunging about 5% in a single day. SpaceX's stock price fell over 16%, hitting a new 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) rose by 5.19%, Applied Materials (AMAT) rose by 3.74%, and KLA Corporation (KLAC) rose by 3.70%. Most stocks in the storage sector rose, with Micron Technology (MU) up by 6.82%, SanDisk (SNDK) up by 4.07%, and Seagate Technology (STX) up by 2.22%.

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