Chips Get Chipped in Today's Tech Sector Rout

Muted bond market reaction to the downdraft in global equities as the Fed doubles down on its hawkish rhetoric.

Key Takeaways

• Tech Rout Weighs Heavily on Global Equities: Well, it’s been a good while since we have seen a market setback like this. U.S. futures are deep in the red, and Europe opened very weak. Asia was clocked for some deep losses as the sky-high chips segment saw a vicious round of profit-taking. SpaceX is trading off nearly -5% in the pre-open and is now below its first-day’s $150 opening price (coming off three straight losing sessions). All eyes are now on Micron Technology’s quarterly results after the bell on Wednesday — along with Intel, the stock price is down -7% here in the pre-open trade.