2026.06.2413:37:15UTC+00US Stocks Trade Muted After Chip Selloff

US equity indices were little changed on Wednesday, stabilizing after the heavy selloff in major chip stocks the previous day. The Nasdaq 100 and the S&P 500 were broadly flat. Micron gained 2% ahead of its post-market earnings release, rebounding after a 13% drop in the prior session amid renewed concerns that AI-related capital spending may have become excessive and is likely to slow. The broader semiconductor and memory complex also paused its decline, with Nvidia, Lam Research, and SanDisk all trading higher.

AI-related capital raising remained robust. SK Hynix was reportedly seeking to raise about $29 billion through a US listing, coming on the heels of the record-setting SpaceX IPO. Meanwhile, Treasury yields stayed elevated across the curve, even as oil prices fell back to levels seen before the Iran conflict, reflecting expectations that the Federal Reserve will maintain a hawkish stance.

Financial stocks were subdued in pre-market trading. The Dow Jones Industrial Average was flat, having been relatively insulated from recent volatility in tech-heavy indices due to its smaller technology weighting—a dynamic that is expected to shift on Monday when Alphabet replaces Verizon in the index. Financial names were a drag, with JPMorgan shares down about 1%.