Tech selloff erases $1T from Nasdaq 100

What happened: Tech stocks plummeted on June 23, erasing over $1 trillion from the Nasdaq 100's market value. The tech-heavy Nasdaq led the market down, with the Dow posting a more modest loss. Salesforce (CRM) shares hit three-and-a-half-year lows, down about 10% over five trading sessions. SpaceX (SPCX), another tech giant, dropped below $2 trillion in market cap for the first time since its U.S. debut.

Market impact: The selloff was broad-based, affecting tech heavyweights and chip stocks. The Nasdaq 100, which includes top tech companies, was the hardest hit. The decline was driven by a combination of valuation repricing and concerns about slowing growth and regulatory pressures in the tech sector.

What to watch next: Investors should closely monitor the upcoming earnings reports from major tech companies, scheduled in late July and early August. These earnings will provide insights into the tech sector's growth prospects. Additionally, investors should keep an eye on regulatory developments, particularly those affecting tech giants like SpaceX and Salesforce. Lastly, the Federal Reserve's next policy meeting on July 27 will be crucial, as any shifts in monetary policy could further impact tech stocks.