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Dow, S&P 500, Nasdaq Futures Rise After Chip Stock Selloff: Why CBRS, PLTR, BLZE, MU, FDX Are Trending

Trump said 19 million barrels of oil flowed through the Strait of Hormuz on Monday, calling it an all-time record.Wall Street. Manhattan. New York - stock photoDeepti Sri·StocktwitsPublished Jun 23, 2026   |   9:22 PM EDTShare·Add us onLoading.- Loading.Loading.Loading.Loading.Loading.Loading.Loading.Loading.Loading.Loading.Loading.Loading.Loading.Loading.Loading. Semiconductor and AI stocks came under pressure after a sharp selloff spread from Asia to Wall Street.

• The VanEck Semiconductor ETF fell 7%, while the Philadelphia Semiconductor Index dropped nearly 8%.
• Micron’s earnings, due after Wednesday’s close, are set to be a key test for AI-driven memory demand.

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U.S. stock futures traded mostly higher late Tuesday after Wall Street closed lower, pressured by a decline in semiconductor shares, while signs of easing tensions around the Strait of Hormuz helped keep oil prices subdued.

As of 9 p.m. ET, Nasdaq 100 futures were up 0.7%, while S&P 500 futures were up by 0.2%. Dow futures were down 0.1%.

Read NextLoading.Loading.On Stocktwits, retail sentiment toward the SPDR S&P 500 ETF Trust (SPY) was ‘bearish’ amid ‘normal’ message volume, while sentiment toward the Invesco QQQ Trust (QQQ) was ‘bullish’ amid ‘normal’ message volume, and sentiment toward the SPDR Dow Jones Industrial Average ETF Trust (DIA) was ‘neutral’ amid ‘normal’ message volume.

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US Market Drivers**

Markets reacted to a sharp selloff in semiconductor and AI stocks after weakness in Asian chip shares spilled into Wall Street, while traders also tracked Micron’s earnings due Wednesday, U.S.-Iran war developments, oil flows through the Strait of Hormuz and Wednesday’s housing and crude inventory data.

Here’s how the major U.S. indexes ended in the prior session:

IndexMoveCloseDow Jones Industrial Average-0.09%51,666.84S&P 500-1.44%7,365.46Nasdaq Composite-2.21%25,587.04Chip stocks led the decline after weakness in Asia spilled into Wall Street. The VanEck Semiconductor ETF (SMH) fell 7%, while the Philadelphia Semiconductor Index (SOX) dropped nearly 8%. Micron and Sandisk each lost about 13%, Intel and Advanced Micro Devices declined nearly 6%, and Qualcomm shed about 8%.

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The selloff followed a rout in Asian tech shares, with South Korea’s Kospi down about 10% and Japan’s Nikkei 225 falling 3.6%. The pullback comes on the back of renewed worries that the AI trade had become crowded after a strong rally so far this year.

Ryan Detrick, chief market strategist at Carson Group, said on X: “The S&P 500 is down close to 3% in June currently. We are still firmly in the June swoon period and historically June in a midterm year is quite weak. The good news is July has been strong.”

Oil prices stayed subdued as U.S.-Iran tensions showed signs of easing. West Texas Intermediate crude traded near $73 a barrel, while Brent crude remained below $80. The U.S. agreed to waive sanctions on Iran for 60 days after the first round of talks under a nascent peace deal, while tanker traffic through the Strait of Hormuz increased.

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President Donald Trump said on Truth Social that “19 Millions Barrels of Oil flowed out of the Hormuz Strait yesterday, an all time RECORD,” adding that oil prices were tumbling and “the World is a much safer place.”

Trending Stocks To Watch On NYSE, Nasdaq

Cerebras Systems (CBRS): The stock fell 11% overnight after the AI chipmaker’s first post-IPO earnings report showed strong revenue growth but a wider-than-expected adjusted loss and weaker Q2 margin outlook.

Palantir Technologies (PLTR): The stock hit a fresh 52-week low on Tuesday even after Palantir announced a partnership with Zeta Global to build an enterprise AI infrastructure layer for marketing execution.

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Backblaze (BLZE): The stock rose 5% overnight after hitting a more than two-year high in the prior session, boosted by its $335 million, five-year multi-exabyte storage agreement with CoreWeave.

Micron Technology (MU): The stock rose 5% overnight ahead of Wednesday’s earnings report, with investors watching for signs of continued AI-driven memory demand.

FedEx (FDX): The stock fell 6% overnight after the delivery giant beat quarterly estimates but issued a weaker-than-expected earnings outlook after the spin-off of FedEx Freight.

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How Global Markets Are Performing Today

Treasury yields were modestly lower on Tuesday, with the 2-year yield near 4.23% and the benchmark 10-year yield around 4.50%. Gold traded near $4,111 an ounce after declining toward the $4,000 mark, while silver dropped more than 5%.

In Asia, Japan and Australia stocks opened higher after Tuesday’s rout. Traders are also monitoring chip-heavy markets after steep losses in South Korea and Japan in the prior session.

Among the catalysts for Wednesday are mortgage applications data, current account figures, final building permits, new home sales, crude and gasoline inventory reports, Cushing crude stock data, and auctions for 17-week bills, 2-year floating-rate notes and 5-year notes.

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