The S&P 500 index fell 0.26% on June 9, closing at 7,386.65. The Nasdaq also declined, while the Dow Jones Industrial Average fell 0.97% to 25,678.82. After chip stocks rebounded slightly on Monday, they failed to sustain the uptrend on Tuesday. iShares Semiconductor ETF (SMH) fell 1% that day after rising 6% on Monday.
Confirmed chip-stock data: SMH, Micron, and Broadcom’s market performance
iShares Semiconductor ETF (SMH): After rebounding 6% on Monday, it fell 1% on Tuesday. It had plunged 10% last Friday, the largest single-day drop in six years.
Micron Technology (Micron): After rebounding 10% on Monday, it fell 1% on Tuesday. Over the past two trading days, it fell about 20% in total, including a 13% drop on Friday alone.
Broadcom (Broadcom): After rebounding on Monday, it fell 1% on Tuesday.
The S&P 500 Information Technology sector overall closed down nearly 2%.
Oil prices fall 3.4%: developments around the Strait of Hormuz and impacts across sectors
West Texas Intermediate (WTI) crude futures fell 3.4%, closing at $88.20 per barrel. U.S. Energy Secretary Chris Wright said that vessel traffic through the Strait of Hormuz has “grown significantly.” Earlier, President Trump said that the timeline for reopening the Strait of Hormuz, amid progress in negotiations between the U.S. and Iran, has not been determined.
Confirmation of oil-price decline’s impact on each sector:
Energy stocks: S&P 500 Energy sector fell 1.6%
Materials and consumer discretionary: led gains across major sectors
Real estate sector: rose on stronger-than-expected existing home sales data
Infrastructure Capital Advisors CEO Jay Hatfield, in an interview with CNBC, said investors are selling long-term growth stocks and switching to cyclical growth stocks such as Home Depot.
SpaceX and OpenAI IPO: two market events confirmed this week
SpaceX plans to list on June 13, 2026 (Friday), with a valuation of $1.75 trillion. Based on filing materials, it will become the largest IPO in history by scale. OpenAI secretly filed an IPO application on the evening of June 9, 2026 (Monday), though details have not yet been disclosed. Hatfield, in an interview with CNBC, said, “Until the dust settles after SpaceX goes public, the market will be relatively volatile.”
Frequently asked questions
What directly triggered the big drop in chip stocks last Friday?
According to market reports, last Friday’s 10% plunge in SMH (the largest single-day decline in six years) and Micron’s 13% drop were triggered by investors’ concerns that the rally in AI-driven chip stocks was moving too fast. The rebound on Monday (SMH +6%, Micron +10%) did not hold into Tuesday, and major chip stocks fell again by about 1%.
Why couldn’t the 3.4% drop in oil prices support the overall stock market?
While the oil-price decline boosted materials, consumer discretionary, and real estate sectors, the information technology sector closed down nearly 2% and the energy sector fell 1.6%. The downward pressure on tech stocks outweighed the positive effect from lower energy costs, causing the S&P 500 to close down 0.26% overall.
What is the confirmed link between the SpaceX IPO and recent market volatility?
Infrastructure Capital Advisors CEO Jay Hatfield, in an interview with CNBC, confirmed that some of the recent selling pressure is related to SpaceX’s IPO this week, saying the IPO could negatively affect the market. The SpaceX IPO is planned for execution on June 13, 2026, with a valuation of $1.75 trillion.
