The Nasdaq Composite closed June 23 down 2.21%, shedding 579.56 points to finish at 25,587.04. The S&P 500 dropped 1.44% to 7,365.47 on the same session. The Dow Jones Industrial Average barely moved, slipping just 0.09%, which tells you exactly where the pain was concentrated: technology.
Semiconductors took the hardest hit
The Philadelphia Semiconductor Index fell 7.9% on the day. The S&P 500 Information Technology sector fell 3.7%, dragging the broader index lower even as other corners of the market held relatively steady.
Market participants have now priced in an 85% probability of at least one Federal Reserve rate hike, up from 60% just the prior week. That shift in expectations, compressed into a matter of days, explains a lot about the velocity of the selloff.
Crypto followed tech straight down
