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U.S. chip stocks reverse lower after the open as Nasdaq 100 turns negative

U.S. chip stocks reverse lower after the open as Nasdaq 100 turns negative

U.S. equities weakened on June 29 as the Nasdaq 100 slipped into negative territory, the VIX rose 2.8%, and semiconductor and AI-linked shares led declines amid quarter-end rebalancing concerns.

Fact Check
Three independent financial newswire sources (BlockBeats, Odaily, PANews) report identical intraday market data for June 29, 2026, matching the claim precisely: Philadelphia Semiconductor Index down 2.5%, Micron and Arm both down over 8%, with the BlockBeats source explicitly noting the Nasdaq 100 turned negative after U.S. stocks reversed lower from gains. The figures are mutually consistent and reflect a clear deepening sell-off in semiconductor shares. These are intraday snapshots rather than official exchange closes, but the consistency across sources strongly supports the claim.
Summary

U.S. stocks turned lower after the open on June 29, with the Nasdaq 100 moving into negative territory as chip and AI-related shares extended losses and the VIX rose 2.8%, indicating a more cautious market tone. Early data cited by MSX.COM showed the Dow down 0.29%, the S&P 500 off 0.46% and the Nasdaq lower by 0.68%. Market data cited by BlockBeats and PANews later showed the Philadelphia Semiconductor Index down 2.5%, with Micron Technology and Arm each falling more than 8%, Intel down 7%, Marvell Technology off more than 5%, Nvidia lower 0.7%, CoreWeave down 10.9%, Teradyne down 5.41% and KLA down 4.19%. Earlier in the session, an analyst said about $165 billion of equities could be sold at month-end as large institutions rebalance portfolios at quarter-end, adding to broader risk-off pressure in a sector closely watched for signals on AI demand and technology spending.

Terms & Concepts
  • Philadelphia Semiconductor Index: A stock index tracking major U.S.-listed semiconductor companies, often used as a gauge of sentiment in the chip sector.
  • VIX: Wall Street's benchmark for expected market volatility.
  • quarter-end rebalancing: Portfolio adjustments large investors make at the end of a quarter to realign holdings with target allocations.