Global Chip Selloff, SpaceX Slump Hit Nasdaq

Shares of Elon Musk’s rocket-to-AI company have erased all of their post-initial public offering gains.
Global Chip Selloff, SpaceX Slump Hit Nasdaq
A person looks at television screens displaying economic news at the NASDAQ MarketSite in Times Square, New York City, on April 9, 2025. Angela Weiss/ AFP
|Updated:
0:00

A U.S. and global memory-chip stock sell-off, and SpaceX dropping below its debut price, triggered a global market rout on June 23, sending leading benchmark averages sharply lower.

The tech-driven Nasdaq Composite Index declined 400 points, or more than 1 percent, paring its year-to-date gains to below 13 percent. It declined as much as 900 points at the opening bell.

Google LogoMark Us Preferred on Google
Andrew Moran
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."