Wall Street’s big tech sell-off sends markets plunging

Wednesday, 24 June 2026

Market summary

Stocks have fallen on Wall Street as a sell-off in big technology companies spread from Asia back to the US over concerns about potentially higher interest rates by the end of the year.

The S&P fell 1% and is coming off 11 weekly gains out of the last 12, led largely by technology stocks. The Dow Jones Industrial Average, which is less influenced by tech stocks, rose 0.2% in afternoon trading. The Nasdaq composite fell 1.5%.

Markets throughout Asia fell. South Korea's Kospi index, a big winner in the AI boom, plunged 10%, while stocks in Europe also fell.

The selling largely targeted companies that have seen their values surge amid the frenzy over artificial intelligence technology. Their high values values give them more influence over the broader market’s direction. On Tuesday, more stocks were gaining ground within the S&P 500 than falling, but tech companies were overpowering gains elsewhere.

Micron Technology slumped 11.2% and Nvidia fell 3.2%. Samsung Electronics slumped 12.3% in South Korea. Analysts have been warning that high-flying technology stocks could be due for a downturn.

The pan-European Stoxx 600 dropped 4.64% in anticipation of interest hikes by the US Federal Reserve and concerns over higher corporate spending on AI.

Asian markets were bathed in red lead by South Korea’s Kospi plunging 9.99%, followed by Japan’s Nikkei fell 3.55%, China’s mainland CSI 300 dropped 2.77%, Hong Kong’s Hang Seng was off 1.82% and India’s benchmark Nifty 50 was 1.16% lower.

Back home the The S&P/NZX50 closed down 0.08%.

Topping the gainers, Kathmandu was up 3.95%, Vista gained 3.91%, Summerset rose 3.53%, Oceania Healthcare added 3.31% and Foley Wines ended the day up 3.16%.

Topping the decliners, New Talisman Gold Mines continues its downward trajectory 16.67%, Millennium & Copthorne Hotels shed 7.08%, Blis Technologies dipped 6.25%, Serko 4.04%, Santana Minerals was down 3.7% and Black Pearl shares continue to plunge despite its upbeat full year result at the end of May, finishing 3.57% lower.

In Sydney, the S&P/ASX200 ended the day 0.33% lower. The top performers were Telix Pharmaceuticals, up 2.45%, NRW Holdings gained 2.01% and Washington H Soul Pattinson was 1.94% higher. The were worst performers were Iluka Resources down 10.82%, Technology One lost 7.1% and Centuria Capital was off 6.57%.

While we slept

Rachel Reeves has picked a former Bank of England rate-setter to run Britain’s budget watchdog after the post was left vacant for months. The Chancellor nominated Jonathan Haskel to run the Office of Budget Responsibility following a four-month hiring process. Haskel has been a professor of economics at Imperial College London since 2008 and was also a member of the Bank of England’s rate-setting Monetary Policy Committee from 2018 to 2024, where he was known for repeatedly voting for higher borrowing costs.

US President Donald Trump visited a Mack Truck facility in a battleground district in swing state Pennsylvania on Tuesday, shifting attention to the US economy in his first major public event beyond the capital since he signed an interim agreement to end the Iran war and the November midterm elections draw closer.

What’s up today

This morning in The Post, Miriam Bell reports screeds of legal ‘arguments’ generated by AI aren’t doing anyone any favours, according to those on the receiving end of them. Roeland van den Bergh reports small auto glass repairers have demanded the consumer watchdog investigate the close relationship between market giant Novus and its related invoicing outfit Auto Glass Claims. He also looks at Simplicity and The New Zealand Super Fund taking more of a punt on Kiwi tech firms as discussions over supporting local and funding retirement heat up. Rob Stock looks into a report calling for an end to ACC ‘permissiveness and austerity’ political cycle, and a focus on rehabilitation. Employment lawyer David Burton welcomes the Government’s decision to spend $18 million on counter migrant exploitation, and L'Oréal Groupe New Zealand country lead Daina Wilson is the subject of this week’s Boss life.