Headline: Tech Sell-Off Drags US Stocks Lower on AI Bubble Fears, Fed Outlook

U.S. equities opened lower on June 23, 2026, with the technology sector leading declines amid escalating concerns over an AI valuation bubble and expectations of a hawkish Federal Reserve. Investors also engaged in profit-taking following recent market gains. The Nasdaq Composite Index dropped over 2%, and the Philadelphia Semiconductor Index (SOX) plunged more than 7%. Micron Technology (MU) led memory chip losses, while Taiwan Semiconductor Manufacturing Company (TSM) ADR fell over 5.5%. Broader global markets also retreated. The market awaits Micron's earnings report on June 24, 2026, after market close, as a critical indicator for AI sector fundamentals. Rising interest rate expectations, amplified by potential Fed Chair Kevin Warsh's stance on inflation, further pressured rate-sensitive technology stocks.