Tech selloff drags Wall Street lower as chip and memory stocks take the hardest hit

Global markets and Wall Street moved mostly lower Thursday as a renewed selloff in technology shares, particularly chip and memory companies, weighed on investor sentiment. The decline comes amid a backdrop of geopolitical tensions and falling oil prices.

"The technology sector was dragging markets on Wall Street and around the world mostly lower Thursday and oil prices fell despite a flurry of military strikes between the U.S. and Iran."

KTARWorld markets, Wall Street mostly in decline on latest round tech stock selling

KTAR reported that futures for the S&P 500 fell 0.2%, while the Dow Jones Industrial Average futures edged up 0.2%. Futures for the tech-heavy Nasdaq were also lower, underscoring the sector's drag.

"Chip and memory companies were getting hit the hardest." The Sun Sentinel highlighted that the pain was concentrated in semiconductor and memory firms, a detail echoed by the Broomfield Enterprise and mainlinemedianews.com. The Financial Times also noted the slide, describing it as a "fresh bout of Wall Street tumult" and emphasizing that investors were pulling away from the very stocks that had led markets higher this year.

3 sources

Sun SentinelWorld markets, Wall Street mostly in decline on latest round of tech stock sellingmainlinemedianews.comWorld markets, Wall Street mostly in decline on latest round of tech stock sellingBroomfield EnterpriseWorld markets, Wall Street mostly in decline on latest round of tech stock selling

The selling reflects a broader rotation out of high-flying tech names, as traders reassess valuations and geopolitical risks. With oil prices also falling despite the U.S.-Iran strikes, the day's trading painted a picture of cautious, risk-off sentiment across global markets.