U.S. Tech Stocks Plunge, Philadelphia Semiconductor Index Drops 1.9% Intraday Volatility Hit 8.6% on June 10

The U.S. stock market showed mixed performance on June 10, with technology stocks becoming a major source of selling pressure amid heightened risk-off sentiment. According to reports, the Nasdaq-100 fell 0.97% to close at 25,678.82, while the Philadelphia Semiconductor Index plunged 8.6% during intraday trading before final losses narrowed to 1.9%. The S&P 500 technology sector declined 1.8%.

Market turbulence was triggered by U.S. President Trump's remarks on social media stating that Iran shot down a U.S. Apache helicopter patrolling the Strait of Hormuz and that the U.S. must respond. Michael O'Rourke, chief market strategist at JonesTrading, noted that tech stocks lost momentum after Monday's rally, with broader profit-taking and fund rotation occurring, while Trump's Iran comments further intensified selling pressure. The Chicago Board Options Exchange Volatility Index (VIX) rose to its highest level since April 7.