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Options trader Anthony Spina, center, works on the floor of the New York Stock Exchange, Tuesday, June 16, 2026. (AP Photo/Richard Drew)

Sharp drops in Big Tech companies pull indexes mostly lower on Wall Street

Jun 23, 2026 | 4:21 PM

By Damian J. Troise and Alex Veiga AP Business Writers

 

Pullbacks in big technology companies sent indexes lower on Wall Street. The S&P 500 fell 1.4% Tuesday. The selling was concentrated in AI-related companies that have had huge run-ups in recent months and sent the market to record after record, most recently in early June. Investors are becoming worried that the growing likelihood of interest rate hikes this year to fight inflation will weigh on economic growth. The Nasdaq fell 2.2%. The Dow, which has less weighting in tech, held up better with a drop of just 0.1%. Chip companies, which have soared in recent weeks, sank. Micron Technology lost 13.2%.