XLK is trading 3% down in pre-market on June 23, 2026, as technology shares extend a sector-wide selloff driven by rising interest rate concerns and a sharp decline in Nasdaq futures.
- Broad-based weakness is hitting AI and semiconductor names as investors lock in profits following an overheated run.
- Market participants are de-risking growth-heavy portfolios ahead of Thursday's critical PCE inflation data release.
- The downward move in XLK mirrors broader volatility in the Nasdaq as traders pivot away from high-valuation technology assets.