Micron Plunges 13% Before Earnings as Semiconductor Index Falls 8% on June 23

On June 23, U.S. stocks declined broadly amid profit-taking in memory chips and growing concerns about AI valuation. Micron (MU) collapsed 13.18% to $105.77 ahead of earnings, dragging semiconductor stocks lower. The Philadelphia Semiconductor Index fell 7.87%, while the Nasdaq dropped 2.22%, S&P 500 slid 1.44%, and the Dow declined 45.87 points.

Tech-heavy sectors bore the brunt of selling pressure, with investors locking in gains after this year's AI-driven rally. Broader concerns about the Federal Reserve's hawkish signals and elevated inflation also weighed on sentiment.