Stocks Slide as Artificial Intelligence Frenzy Eases

Stocks Slide as Artificial Intelligence Frenzy Eases

https://www.barchart.com/story/news/2607258/stocks-slide-as-artificial-intelligence-frenzy-eases

Publish Date: 2026-06-23 11:16:00

Source Domain: www.barchart.com

Here is a polite and respectful summary with 6 key points from the provided article:

1. Diversified Stock Market Movements:

   • The S&P 500 Index ($SPX) and Nasdaq 100 Index ($IUXX) experienced significant declines today, down by -1.04% and -2.67% respectively.
   • In contrast, the Dow Jones Industrial Average ($DOWI) saw a slight increase of +0.01%.

2. Global Selling in Chipmakers:

   • Concerns over high valuations in the chipmaking sector led to substantial global selling, impacting memory stocks and significant AI beneficiaries.
   • This contributed heavily to the sharp declines in the Nasdaq 100.

3. Influences from Overseas Markets:

   • The downturn began in Asia where Japan’s Nikkei Stock Average dropped by more than -3%, and South Korea’s Kospi index lost over -10%.

4. US Manufacturing PMI Boost:

   • The US S&P manufacturing PMI showed unexpected growth (+0.6 to 55.7), the strongest in four years, which provided initial recovery to sliding stock indexes.

5. Economic Indicators and Rate Hikes:

   • Currently, markets are pricing in a 36% chance of a +25 basis point rate hike at the next Federal Open Market Committee (FOMC) meeting on July 28-29.

6. Significant Performers in Trading:

   • International Business Machines (IBM) was a notable exception, rising over +5% after a JP Morgan upgrade, while Primoris Services (PRIM) plummeted over -26% due to an earnings warning.

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