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stocksJun 29, 2026, 7:32 AM

S&P 500 Tech-Led Correction After Chip Rout – Deutsche Bank

Deutsche Bank reports that the S&P 500 and Nasdaq fell last week amid a global tech sell-off, pushing the Magnificent 7 into correction territory. Chipmakers led the decline as the Philly Semiconductor Index slumped despite Micron's revenue release.

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Deutsche Bank Research highlighted that the S&P 500 and Nasdaq finished last week lower due to a global sell-off in technology stocks. The Magnificent 7 group of mega-cap tech names has officially entered correction territory.

Chipmakers were the main drag on the market. The Philadelphia Semiconductor Index (SOX) dropped sharply, even after Micron Technology reported its quarterly revenue. The weakness in semiconductors reflects broader concerns about tech sector valuations and demand.

The sell-off underscores the fragility of the recent rally in equities, with the tech-heavy indices bearing the brunt of profit-taking and sector rotation.

Source: FXStreet Forex News