Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTOleksandr PylypenkoTue, June 23, 2026 at 12:35 PM GMT+2 9 min readSeptember S&P 500 E-Mini futures (ESU26) are down -1.26%, and September Nasdaq 100 E-Mini futures (NQU26) are down -2.47% this morning as renewed concerns about sky-high tech valuations prompted investors to revisit their holdings.Chip and AI infrastructure stocks cratered in pre-market trading as a selloff in Korean and Japanese chipmakers fueled concerns about the sustainability of the AI-driven rally. Micron Technology (MU) slumped over -8%, Marvell Technology (MRVL) slid more than -7%, and Intel (INTC) sank over -6%. Tuesday’s selloff in chipmakers followed a retreat in megacap tech stocks a day earlier as investors questioned whether future returns could justify current heavy AI spending. The prospect of a Federal Reserve interest rate hike this year is also driving the pullback.More News from BarchartD-Wave Just Unveiled a Major Quantum Breakthrough. QBTS Stock Looks Ready for Another Surge.Micron Technology Earnings: Bull Put Spread TradeStocks Erase Early Gains as Alphabet and Software Companies FallMarkets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines.“We have seen tech stocks go vertical and become very overbought. What we’re doing now is getting rid of that overbought situation,” said Joachim Klement at Panmure Liberum.Meanwhile, oil prices edged lower on Tuesday amid signs that negotiations toward a lasting peace agreement between the U.S. and Iran got off to an encouraging start. The U.S. issued a 60-day license permitting Iran to sell crude and petrochemical products on the international market. Also, U.S. Vice President JD Vance said Iran had agreed to allow nuclear inspectors to return to the country. However, The Wall Street Journal reported that Tehran has not yet acknowledged that concession.Market participants are now awaiting U.S. business activity data and an earnings report from shipping giant FedEx.In yesterday’s trading session, Wall Street’s main stock indexes closed mixed. Alphabet (GOOGL) sank about -5% to lead megacap technology stocks lower after announcing that John Jumper, a Nobel Prize-winning AI researcher at Google DeepMind, was departing the company to join Anthropic. Also, software stocks slid, with Palantir Technologies (PLTR) falling more than -6% and Oracle (ORCL) dropping -5%. In addition, SpaceX (SPCX) tumbled over -16% after the rocket, satellite, and AI conglomerate announced its first-ever offering of investment-grade bonds. On the bullish side, Super Micro Computer (SMCI) jumped more than +15% and was the top percentage gainer on the S&P 500 after GF Securities upgraded the stock to Buy from Hold with a $48 price target.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info