Tech stocks sink as Nasdaq futures drop amid selloff

Technology shares kept dragging Wall Street lower, with Nasdaq futures sliding 0.88% and S&P 500 futures falling 0.37% as investors kept trimming exposure to the market’s biggest winners. The move followed a fourth straight decline for the Nasdaq Composite, which fell 0.5%, while the S&P 500 finished unchanged and the Dow Jones Industrial Average added 0.1%.

The action pointed to a market led by a shrinking group of tech and artificial intelligence names, not a broad-based retreat across every sector. Earlier in the week, the Nasdaq Composite had already closed lower for three straight sessions, including a 0.4% drop on June 24 and a 0.5% decline on June 25, leaving the index under clear pressure as traders reassessed stretched valuations in the mega-cap leaders. Reuters said the Nasdaq 100 had lost more than $1 trillion in market value during the selloff.

That kind of damage matters because the Nasdaq’s biggest companies have carried much of the market’s advance this year. When those names stop working, index performance narrows quickly, and that is what showed up in the latest trading. The S&P 500’s flat finish and the Dow’s modest gain suggested that selling was concentrated in the high-growth technology complex rather than spreading evenly across the broader market.

Energy prices added another layer to the move. Brent crude fell 4.33% on June 24 to $73.74 a barrel, its lowest level since before the United States and Israel first launched airstrikes against Iran. West Texas Intermediate dropped 3.92% to $70.34 a barrel, its lowest level since early March. The decline in crude eased Treasury yields, with the 10-year note falling below 4.5%, but it also hit energy stocks and reinforced a shift away from the inflation-fueled trade that had supported parts of the market earlier.

Micron Technology’s earnings were being watched as a key read on whether artificial intelligence demand was still strong enough to justify the sector’s run. That made the reaction in futures especially important: if a heavyweight chip name failed to restore confidence, the recent weakness could look less like routine profit-taking and more like a deeper reset in the market’s leadership group.