Wall Street caught its breath on June 24 as all three major indices opened higher, snapping a two-day decline that hit tech stocks especially hard. The bounce came after the Nasdaq Composite shed 2.2% in a single session, its worst day in weeks, dragging the S&P 500 down 1.4% alongside it.

The Dow Jones Industrial Average, which barely flinched during the carnage (down roughly 0.1%), joined the broader recovery as falling oil prices and declining yields gave investors a reason to step back in.

What happened during the sell-off

In the week leading up to June 24, the Nasdaq had already slipped roughly 4%, with losses accelerating as investors grew nervous ahead of Micron’s upcoming earnings report.

Micron itself became the poster child for the pain. The memory chipmaker’s stock cratered approximately 13% during the sell-off. Western Digital wasn’t far behind, dropping about 8%.

The damage wasn’t confined to US markets. Samsung and SK Hynix, two of the world’s largest memory chip producers, both saw losses exceeding 12% during Asian trading on June 23.

Why the bounce, and can it hold

The June 24 recovery was supported by a combination of lower oil prices and declining Treasury yields, both of which tend to make equities look more attractive on a relative basis.

Micron’s earnings report looms as the next major data point. If the company can demonstrate that demand for high-bandwidth memory chips (the kind that power AI servers) is translating into actual margin expansion, the bounce could extend.

What this means for crypto investors

There were no direct connections between this tech sell-off and any specific crypto assets or tokens. No major crypto-related headlines emerged from the two-day rout.

The Dow’s relative stability during the sell-off (down just 0.1% while the Nasdaq lost 2.2%) suggests this wasn’t a broad economic panic. It was a targeted repricing of the most speculative growth names.