Markets
Bear eating chips
(Günter Peters/Getty Images)

Chip rout drags down stocks as investors rotate out of tech

Information technology and energy were today’s losers as oil prices slid on reports that Strait of Hormuz shipping traffic is normalizing.

Tasha Matsumoto

The S&P 500 and Nasdaq 100 fell sharply as chip stocks and AI giants plunged, while the Russell 2000 closed higher. The Invesco S&P 500 Equal Weight ETF gained, as losses were concentrated in tech and energy, the only two sectors to decline today.

Oil prices slid on reports that Strait of Hormuz shipping traffic is normalizing, though President Trump’s threat to retaliate against Iran tempered the decline.

Bitcoin dropped as traders debated whether the AI trade unwind, Strategy’s outsized position, or macro factors are to blame for recent weakness. solana dropped after SOL Strategies, a solana treasury company, sold more than 12% of its entire stash.

Stocks that moved higher:

Stocks that moved lower:

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

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