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S&P 500 futures down 1.2% and Nasdaq futures down 2.6% on June 23, 2026, after a 10% KOSPI plunge fuels AI‑stock sell‑off; see yield, oil and Tesla data.
S&P 500 futures fell 1.2% and Nasdaq futures slid 2.6% in early trade, extending yesterday’s tech‑driven decline and signaling fresh pressure on U.S. equities as a 10% crash in South Korea’s KOSPI sparked a global AI‑stock rout【1】.
| At a glance | |
|---|---|
| S&P 500 futures | –1.2% |
| Nasdaq futures | –2.6% |
| 10‑yr Treasury yield | 4.49% (down 0.02 pts) |
| Gold futures | $4,145/oz (‑1.4%) |
| WTI crude | $73.90/barrel (steady) |
The immediate trigger was a 10% plunge in the KOSPI, where heavy losses in chipmakers SK Hynix and Samsung Electronics forced a brief trading halt and sent AI‑related stocks tumbling worldwide【2】. In the U.S., the iShares Semiconductor Index (SOXX) was down nearly 6% and the Roundhill Memory ETF (DRAM) fell 12% in pre‑market trading, reflecting heightened concerns that AI‑related spending may be outpacing demand【1】. Analysts note that the AI rally, which has lifted global equity indices to record highs this year, is now being tested by questions over the sustainability of massive infrastructure spending【2】.
The fallout spread beyond tech. The 10‑year Treasury yield slipped to 4.49%, a modest 2‑basis‑point decline from the previous close, easing pressure on loan rates but underscoring lingering inflation worries【1】. Gold futures dropped 1.4% to $4,145 per ounce, while Bitcoin slipped to $62,300 after hitting $65,500 the day before【1】. Oil prices held near $73.90 a barrel as the United States temporarily lifted sanctions on Iranian oil, a move intended to support ongoing U.S.–Iran peace talks【1】. European markets also felt the strain, with the Stoxx Europe 600 down 0.92% and the MSCI Emerging Markets Index falling 3.7% amid the risk‑off mood【2】.
Despite the tech‑sector drag, Tesla reported a sharp uptick in European registrations: 28,610 new vehicles in May, double the volume recorded in May 2025 and outpacing the 39% regional EV growth rate【1】. The sales surge, however, did not lift the stock, which was down more than 2% ahead of the open, tracking the broader sector weakness【1】.
Investors will watch FedEx’s upcoming earnings report, expected to show adjusted earnings of $5.90 per share on $23.98 billion of revenue—an 8% year‑over‑year increase—after the company completed its Freight spin‑off【1】. The results could provide a counterpoint to the prevailing risk‑off sentiment.
The steep fall in futures highlights how quickly AI‑related optimism can reverse when supply‑side concerns surface, leaving markets to reassess the balance between hype and underlying demand.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · Jun 23, 2026 · How we report
Investors are reacting to concerns about sustained AI spending, higher‑for‑longer interest rates, elevated inflation, and global market weakness, which together are rotating capital out of growth stocks.
No; a crash typically involves a drop of more than 10% in an index over several days, whereas the June 23 declines were smaller and reflect a pullback rather than a crash.
Bank of America reiterated a buy rating on Micron and increased its price target to $1,500, citing bullish views on AI memory demand and limited supply through 2026‑2028.