Stock Market Today: Stocks Slide as Tech Sell-Off Expands to Memory, Chips; SpaceX Bounces Off Record Low

The major stock indexes were mostly lower on Tuesday as yesterday’s tech sell-off deepened and spilled over into memory and chip stocks.

The tech-heavy Nasdaq Composite was down 1.7% in recent trading after rebounding slightly off its lows earlier in the session. The benchmark S&P 500 slid 1.1% and the Dow Jones Industrial Average inched up 0.1%. Stocks ended Monday’s session mostly lower, with slumping big tech stocks dragging the Nasdaq down more than 1% to start the week.

The tech stock rout that sank Alphabet (GOOG) and Amazon (AMZN) about 5% each yesterday expanded on Tuesday to include high-flying chip and memory stocks that have led the market to records in recent months. Sandisk (SNDK), the best-performing stock in the S&P 500 this year, was down 13% in recent trading. Western Digital (WDC) and Micron (MU), the index’s second- and third-top stocks, fell 9% and 11%, respectively. A memory stock sell-off in Asian markets caused South Korea’s Kospi index, dominated by chip firms like Samsung and SK Hynix, to plummet 10% on Tuesday.

SpaceX (SPCX) stock was up 4% after trading at its lowest price ever early on Tuesday morning. Shares fell for a third straight day yesterday to notching their lowest close since SpaceX’s blockbuster IPO earlier this month. Other mega-cap tech stocks were mixed, with Alphabet extending yesterday’s losses and AI chip giant Nvidia (NVDA) falling 3%. Tesla (TSLA), the only Magnificent Seven stock to rise yesterday, was off 5%. Microsoft (MSFT) rose 2% to pace the group.

Oil prices continued to decline after the U.S. yesterday agreed to lift sanctions on Iranian oil sales for two months as the countries negotiate a peace deal. West Texas Intermediate futures, the U.S. benchmark, was down about 1% at $73 a barrel, while Brent, the global benchmark, traded at $77. West Texas and Brent went for about $67 a barrel and $73 a barrel, respectively, on the eve of the war in Iran.

The 10-year Treasury yield, which influences interest rates on a variety of consumer loans including mortgages, was recently 4.48%, down slightly from 4.51% on Monday.

Bitcoin was recently trading at $62,400, down from highs above $65,000 yesterday. Gold futures slumped more than 1% to $4,155 a troy ounce. The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, was up 0.4% at 101.40.

JUNE 23, 2026 AT 03:57 PM GMT

SpaceX Rises Amid Tech Rout. The Stock Has Been On a Wild Ride Since Its IPO

It’s been a wild ride for SpaceX’s stock since its debut earlier this month, with Tuesday shaping up to be another volatile session.

Shares of SpaceX (SPCX) were up 4% around $161 in recent trading, after briefly dropping to a new intraday low of $147 earlier in the session. The stock’s swings between gains and losses came as a tech sell-off that started Monday extended into a second day, dragging many of the market’s biggest names lower.

Yesterday, SpaceX had tumbled 16% to close at $155, its lowest close since its blockbuster debut on June 12. It was the stock’s third straight day of declines, after SpaceX rallied as high as $225 in its first three days of trading.

SpaceX announced a bond sale of an undisclosed size on Monday, and said it intends to use the proceeds to pay off some of its debts. The company said it had just over $100 billion in cash and cash equivalents on hand as of the end of last week.

SpaceX’s relatively small share float and the speculative, long-term nature of some of its businesses could mean the stock may stay volatile for a while, some experts have warned. Joining major stock indexes, and the end of lock-up periods that would allow insiders to sell shares, could also become catalysts for big stock moves.

–Aaron McDade

JUNE 23, 2026 AT 03:05 PM GMT

Memory, Chip Rout Hits Popular DRAM ETF

The memory stock rally skidded to a halt on Tuesday as yesterday’s tech sell-off expanded to new industries and countries. 

The Roundhill Memory ETF (DRAM) was down about 12% in recent trading after climbing to a record high on Monday. Tuesday’s sell-off erased two days of big gains for the fund. 

One of the selling points of an ETF is its diversification. By investing across sectors or buying several stocks within a given industry or theme, investors should enjoy some protection from double-digit losses during sell-offs. But DRAM invests exclusively in companies that design, make, and sell memory chips and data storage devices, “the bottleneck of the AI revolution.” Those stocks often move in tandem as Wall Street’s appetite for AI investments ebbs and flows.

That was the case on Tuesday, when Sandisk (SNDK) tumbled 12% to lead the S&P 500 lower. It was followed closely by Micron (MU), down 11%. Western Digital (WDC) and Seagate Technology (STX), two other holdings, were down 10% and 7%, respectively. 

But DRAM was underperforming all of its largest U.S. components on Tuesday in part because of its massive exposure to tech stocks abroad. SK Hynix and Samsung, which together account for 44% of the ETF, each plummeted 12.5% in Korean trading on Tuesday. Those two stocks and Micron—DRAM’s largest component—cumulatively make up nearly three-quarters of the fund. 

Due to its concentration, DRAM is a uniquely volatile fund, delivering investors big daily gains and big daily losses. Shares tumbled more than 15% in a day earlier this month after a surprisingly strong jobs report all but dashed Wall Street’s hopes for more interest rate cuts this year. The ETF jumped 8% the following session, and 13% days after that.

Prior to Tuesday, DRAM was up 190% since it began trading in early April, right around the time that memory stocks shook off pressure from the Iran war and went parabolic. The ETF’s huge gains in its first few months made it one of the fastest-growing funds in history. It took just 43 days to reach $10 billion in assets under management. As of Monday, the fund was worth $23.4 billion. 

JUNE 23, 2026 AT 02:10 PM GMT

Kevin Warsh Revives Alan Greenspan’s Fed Playbook on Inflation

Alan Greenspan may be gone, but his economic legacy is alive and well—the Federal Reserve’s current chair has set out to emulate the legendary central banker in several important ways.

Kevin Warsh’s chairmanship began in May. In that short time, he has already established several policies that echo those of Greenspan, who died on Monday at the age of 100.

Warsh has frequently praised Greenspan, who guided monetary policy during a period of growing prosperity and low inflation in the U.S. economy—a period that came to a crashing end in 2008 with the Great Recession.

Indeed, Greenspan was the only former Fed chair Warsh mentioned by name in his swearing-in ceremony in Washington last month.

“I intend to fill the role of chairman with energy and purpose just the way Chairman Greenspan did, faithful to the mission and the very best traditions of the Fed,” Warsh said.

Warsh’s communication style is a throwback to the Greenspan era in its deliberate lack of “forward guidance” to financial markets about what the Fed plans to do in the future.

In his first meeting of the Federal Open Market Committee last week, Warsh cut roughly half the words from the Fed’s policy statement compared to previous versions, and removed all forward guidance from it. He also declined to make economic projections, although he didn’t stop his fellow FOMC members from doing so.

Greenspan was famous (or infamous) for making cryptic statements that kept Fed-watchers guessing.

“Since I’ve become a central banker, I’ve learned to mumble with great incoherence,” Greenspan said in 1988. “If I seem unduly clear to you, you must have misunderstood what I said.”

Economists have noted the similarities between the two Fed chairs.

“Warsh’s philosophy on Fed communication seems to more closely resemble that of former long-time Chairman Alan Greenspan, who unfortunately passed away earlier today,” Brian Wesbury, chief economist at First Trust, wrote in a commentary. “Not Greenspan’s elegant and winding prose, but Greenspan’s unwillingness to hint strongly about what the Fed would do next.”

Read the full story here for more on how Warsh is keeping Greenspan’s legacy alive. 

–Diccon Hyatt

JUNE 23, 2026 AT 01:20 PM GMT

Cerebras Is Set to Report Its First Earnings Since Its IPO. Here’s How Much the Stock Is Expected to Move

Cerebras Systems is set to report its first quarterly results as a public company after the closing bell Tuesday, with traders anticipating a big move in the AI chipmaker’s stock.

Based on current options pricing, Cerebras (CBRS) shares are seen swinging up to 13% in either direction by the end of the week. A move of that magnitude from Monday’s close around $224 could see shares rise as high as $254, or drag them below $195.

Cerebras shares have lost more than a third of their value from last month’s highs on their first day of trading, though they’re still up more than 20% from their IPO price of $185, after a volatile few weeks.

Since the chipmaker’s debut last month, analysts at several firms have launched coverage with bullish ratings for the stock, including Wedbush, UBS, and Morgan Stanley, expecting Cerebras to benefit from booming demand for AI chips.

The analysts also pointed to Cerebras’ agreements with the likes of OpenAI and Amazon (AMZN) as evidence of its ability to attract high-profile clients in the space. “In our view these large contracts are necessarily the best proof points as to the inherent value of Cerebras’s technology,” Wedbush wrote.

The Wedbush analysts have a $270 price target for the stock, compared to $300 from UBS, and $250 from Morgan Stanley.

Cerebras is seen reporting an adjusted loss of 16 cents per share on an over 80% year-over-year jump in first-quarter revenue to $183.26 million, according to Visible Alpha consensus estimates.

–Aaron McDade

JUNE 23, 2026 AT 12:39 PM GMT

Stock Futures Slide as Tech Rout Continues

Futures contracts tied to the Dow Jones Industrial Average fell 0.4% in premarket trading.

S&P 500 futures slid 1.4%.

Nasdaq 100 futures were down nearly 3% premarket.

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