U.S. Stocks Fall Friday as Tech and Semiconductors Tumble; Nasdaq 100 Down 4.5% for Week

On Friday, June 26, major U.S. stock indices declined amid cooling AI sentiment, rising Federal Reserve rate-hike expectations, and delayed OpenAI IPO speculation. The Philadelphia Semiconductor Index tumbled 5.29% to 13,203.57, while the Nasdaq Composite fell 0.2% for the day. On a weekly basis, the Nasdaq 100 slumped over 4.5%, and the S&P 500 dropped nearly 2%, with tech and chip stocks bearing the brunt of selling pressure as investors rotated toward defensive sectors.

Key declines included Qualcomm down 7.57%, Applied Materials down 6.16%, Micron down 6.69%, and Broadcom down 3.67%. Meanwhile, the U.S. Central Command issued a statement that American military aircraft struck Iranian missile and drone storage sites and coastal radar stations in response to Tehran's attacks on commercial shipping in the Strait of Hormuz.