Nasdaq 100 and S&P500: Tech Stocks Sink as Broadcom Miss Hits US Indices

• Major chip stocks tumbled in sympathy with Broadcom, including AMD down nearly 5%, Intel down 4%, Arm Holdings and Micron each falling about 6%, and Super Micro Computer declining roughly 7%
• The S&P 500 is positioned to form a potentially bearish weekly closing price reversal top if it finishes below last Friday's close of 7595.75, with first major support at 7493.25 to 7460.50
• CrowdStrike dropped 10% on soft guidance while PVH Corp cratered 22% despite beating earnings, indicating the market is punishing companies that fail to raise full-year outlooks at current valuations

Market Summary: Tech Selloff Triggered by Broadcom Revenue Miss

Key Developments

Broadcom plunged 13% in premarket trading on June 4, 2026, after reporting quarterly revenue that missed analyst expectations by $80 million. The miss triggered a broad semiconductor sector selloff, with major chip stocks experiencing significant declines: AMD down nearly 5%, Intel down 4%, Arm Holdings, Micron, and Marvell Technology each fell approximately 6%, while Super Micro Computer dropped 7%.

Market Impact

• Nasdaq 100 futures fell 1.1%
• S&P 500 futures declined 0.4%
• Dow Jones futures rose 226 points (+0.4%), indicating rotation from tech into defensive sectors
• VanEck Semiconductor ETF dropped over 3%
• The S&P 500 risks forming a weekly closing price reversal top below 7595.75

Additional Movers

CrowdStrike fell 10% on soft Q2 guidance, dragging cybersecurity peers Palo Alto Networks and Fortinet lower. PVH Corp (Tommy Hilfiger, Calvin Klein) plummeted 22% despite beating Q1 earnings, as it failed to raise full-year guidance. Five Below dropped 11% and Petco fell 12% on weak guidance.

Bitcoin declined approximately 5%, pulling crypto-related stocks down: Coinbase lost 1%, Robinhood fell 2%, and Strategy dropped 3%.

Geopolitical Risk

Iran struck Kuwait International Airport following escalating military exchanges, adding geopolitical pressure to markets that had previously ignored such headlines during a nine-week rally.

Technical Analysis: Key S&P 500 support lies at 7493.25-7460.50, with major support at 7354.25.