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Informist, Wednesday, Jun. 24, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: US indices end lower amid selling in chipmaker stocks

 

MUMBAI--0740 IST--US equity indices ended lower on Tuesday as selling of chipmaker stocks, which started in the previous session, continued. The tech-heavy Nasdaq was the worst performer among its peers, falling over 2%, followed by the S&P 500, which lost over 1%. The Dow Jones Industrial Average posted the smallest decline among the three major indices, closing 0.1% lower.

 

Shares of Micron Technology ended 13% lower and were among the worst-hit stocks ahead of the company's quarterly results, due after the close on Wednesday. Sector giant Nvidia ended over 4% lower, while other notable players such as Intel and Advanced Micro Devices closed around 6% lower each. On Tuesday, chipmakers' stocks suffered a major pullback globally as investors evaluated the growing debt-funded artificial intelligence sector.

 

Shares of Alphabet, which were among the major laggards in the previous session, ended 1% lower. The stock shed 5% on Monday amid AI-related concerns and recent departures of high-profile talent.

 

"The AI beneficiaries are the sell-off, and I don't think they're expensive, but they're crowded," Andrew Slimmon, a senior portfolio manager at Morgan Stanley Investment Management, said on CNBC's "Squawk Box" Tuesday. "It's captured kind of the zeitgeist of the momentum traders, and when that happens, you're going to have sharp sell-offs like we're having. I'd argue it's healthy."

 

Technology stocks outside chipmakers helped limit the losses in indices. Magnificent 7 members Microsoft and Amazon ended 1–2% higher, while stocks like Walmart, Procter & Gamble, and Johnson & Johnson also recorded gains, ending around 2% higher each. Notably, International Business Machines shares popped 5% following an upgrade to 'overweight' at JPMorgan, according to a CNBC report.

 

Market participants will watch out for the Personal Consumption Expenditures Price Index data, the US Federal Reserve's preferred inflation gauge, due Thursday. 

 

The following were the closing levels of major US indices on Tuesday:

 

US Indices	Levels	Change in %
Dow Jones Industrial Average	51666.84	(-)0.09
NASDAQ Composite	25587.04	(-)2.21
S&P 500	7365.46	(-)1.44

 

(Shruti Nair)

 

US$1 = INR 94.74

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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