Risk-off, with extra seasoning
Tuesday was one of those days when the market looked at semiconductors and said, “No thanks.” The Nasdaq fell 2.21% as chip stocks got hit in a global selloff, and that pain bled into broader sentiment.
Chips were the main character
Micron and SanDisk both dropped more than 13%, which is a very rude way for the market to spend a Tuesday. When semis get whacked this hard, it tends to ripple outward because chips sit in the plumbing of everything from AI servers to phones to, well, basically the modern economy.
The data wasn’t terrible, but the mood was
On the macro side, the S&P Global U.S. services PMI rose to 51.3 in June and manufacturing jumped to 55.7, both better than expected. So this wasn’t a “the economy is falling apart” day — more like a “good news, but nobody’s buying it” day.
Why you should care
The CNN Fear & Greed Index stayed deep in Fear at 27.5, down from 32. That matters because when investors are nervous, even solid data can get ignored if the market is already in defensive mode. Big picture: the tape says risk appetite is still shaky, and chip stocks are doing the heavy lifting on the way down.