S&P 500 Slips as Chipmakers Retreat on Kospi Plunge and OpenAI IPO Delay

U.S. equities closed the volatile week lower on June 26, with the S&P 500 easing 0.07% and Nasdaq 100 dropping 0.75% as semiconductor stocks led declines after South Korea’s Kospi sank more than 5%. The latest leg lower followed a sharp tech-led selloff on June 23, when the index plunged 1.44% to 7,365.48 amid AI spending concerns and Micron’s 13% drop. Markets attempted stabilization on June 24 and saw early gains on June 25 after softer PCE data and Micron’s strong earnings beat, but megacap tech weakness erased advances and left the index closing slightly lower at session end.