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Tech Stocks Plunge: $1.3 Trillion Wiped Out in Hours
9 Jun
Summary
- S&P 500 lost $1.3 trillion market value in two hours.
- Chip stocks plummeted, dragging down major tech companies.
- Inflation data concerns fueled a broad market sell-off.
On Tuesday, June 9, 2026, the US stock market saw a dramatic downturn as the S&P 500 erased $1.3 trillion in market value in just two hours. Technology and semiconductor stocks were at the forefront of this collapse, with the Philadelphia Semiconductor Index plunging 7.54%.
This sharp sell-off was largely attributed to renewed anxieties surrounding the upcoming May Consumer Price Index report, expected to show the highest annual inflation reading in three years. As investors braced for potentially restrictive Federal Reserve policy, a significant rotation occurred.
Investors moved out of high-multiple growth stocks, particularly in the tech sector, and into more defensive industries such as financials, healthcare, and utilities. Companies like Home Depot and Procter & Gamble, known for stable cash flows, saw gains.
Individual stock stories also highlighted market dynamics. Nuvalent surged nearly 40% on an acquisition news, while Vail Resorts fell approximately 5% after lowering its profit guidance due to poor snowfall. These events underscore the simultaneous macro-driven fears and company-specific developments shaping the market.
