U.S. Tech Stocks Fall on South Korea Market Shock; Nasdaq 100 Down 3.29% on June 24

According to Goldman Sachs trading desk, on June 24, U.S. tech stocks experienced a significant selloff amid South Korea's market turmoil, with Nasdaq 100 falling 3.29% and S&P 500 declining 1.44%. The selloff was primarily driven by Korea's KOSPI index falling approximately 10% overnight, triggering a sharp risk-off sentiment. Foreign investors sold over $2.5 billion in Korean stocks, with SK Hynix recording its highest-ever daily trading volume of approximately $26 billion and closing down 24%.

Goldman Sachs identified additional market pressures including leveraged product deleveraging, pre-earnings hedging ahead of Micron's results, and U.S. pension fund rebalancing potentially requiring approximately $40 billion in stock sales by month-end. However, the trading desk characterized the move as an orderly risk reduction rather than a panic, with overall trading desk activity at 5 out of 10 and asset managers and hedge funds displaying clear but measured selling concentrated in tech and macro products.