Tech Selloff Deepens as Geopolitical Risks Mount

The tech sector suffered the heaviest losses, as the S&P 500 tech index slid more than 4% while the Philadelphia SE Semiconductor Index recorded a steep decline. Investors are aggressively reallocating capital, moving away from tech volatility to position themselves for the imminent SpaceX IPO. This offering, slated to be the largest in market history, remains the primary focus for institutional traders despite the cooling sentiment.

While the Dow Jones managed minor gains, the broader economic outlook remains clouded. Market participants are bracing for upcoming inflation data, which will likely quantify the impact of energy price spikes triggered by the standoff in the Middle East. The combination of geopolitical uncertainty and the massive capital draw expected from SpaceX is creating a period of significant instability for growth stocks.