Key Takeaways
June 23, 2026 · 2 min read · By Rishabh Bhardwaj
·
AI-assisted, human-reviewed · Our editorial standards
The Nasdaq composite fell on Tuesday as sharp losses in memory chip stocks Micron and Sandisk pulled the index lower, even as SpaceX shares rebounded to partially offset the damage.
Micron and Sandisk led the tech selloff, with both stocks tumbling in a move that dragged on the broader Nasdaq. Memory chip makers are especially sensitive to shifts in supply-demand balance and pricing cycles, and any weakness in either company tends to ripple quickly through the semiconductor sector. The two stocks carry enough index weight that their combined drop was enough to push the Nasdaq into negative territory for the session.
SpaceX, by contrast, moved higher on the day. The rebound provided some cushion for growth-oriented investors, though it was not enough to offset the pressure coming from the chip side of the market.
Memory semiconductors sit at the intersection of consumer electronics, data center buildout, and artificial intelligence infrastructure. When major producers like Micron stumble, it often signals concern about near-term pricing power or demand visibility. Sandisk, which focuses on flash storage, faces similar cyclical pressures. Investors watch these stocks closely because their performance tends to be a leading indicator for broader chip-sector sentiment.
The Nasdaq is heavily weighted toward technology names, which means a concentrated selloff in even a handful of large semiconductor stocks can move the whole index. That dynamic played out clearly on Tuesday, where the losses in memory chips overwhelmed gains elsewhere, including SpaceX's recovery.
The near-term focus will be on whether the weakness in Micron and Sandisk reflects company-specific concerns or a broader reset in chip-sector expectations. Any guidance updates, inventory commentary, or demand signals from either company will be closely tracked by the market. SpaceX's rebound suggests investor appetite for high-growth names remains present, but the session's direction was set by the semiconductor slide. Traders will also be watching whether the Nasdaq's dip attracts dip buyers or extends into further selling in the sessions ahead.
Indian startups raised $5.2 billion across 501 deals in H1 2026, down 9% in value but up 7% in deal count year-on-year, per the Inc42 Indian Tech Startup Funding Report. The drop is driven by fewer mega-rounds, while AI funding surged 317% and growth-stage deal activity hit a multi-year high.
The BSE Sensex fell 893 points and the Nifty 50 shed 279 points on June 30, 2026, wiping out roughly Rs 6 lakh crore in investor wealth in a single session. Both indices dropped 1.16%, closing at 76,200.68 and 23,824.10 respectively.
Kotak Mahindra Bank shares fell nearly 3% to Rs 397.6 after CEO Ashok Vaswani announced plans to exit the bank. Investor concern now centres on succession timing and whether the bank's ongoing digital and deposit-growth strategy will stay on track.
South Korea's Kospi dropped 3% at Monday's open while Japan's Nikkei fell 1%, as escalating US-Iran conflict triggered a broad risk-off move across Asian markets. South Korea's heavy reliance on Middle East oil imports makes it especially vulnerable to geopolitical shocks of this kind.