local
Tech stocks tumble for a second day. Here's what's behind the selloff.
By Mary Cunningham at CBS Texas (KTVT) DFW
· June 23, 2026
· 4 min read
A major technology stock selloff stretched into a second day Tuesday as investors questioned whether artificial intelligence will generate the profits that have fueled lofty valuations for companies such as Alphabet, SpaceX and Nvidia.The tech-heavy Nasdaq Composite shed 580 points, or 2.2%, to c...
Key takeaway The drop in tech stocks in recent weeks has put industry stalwarts such as Meta Platforms and Microsoft in "bear" market territory — when a company's shares drop at least 20% for their most recent peak — Reilly added.
Why this matters in Southlake News
The tech stock selloff has significant implications for Southlake residents, many of whom have ties to the tech industry through major employers or personal investments. As the Nasdaq Composite and other major indexes decline, local investors and employees of tech companies may see their portfolios and retirement accounts take a hit. The volatility in the tech sector also raises questions about the long-term viability of companies like SpaceX, which has been a major player in the local economy. With SpaceX's valuation exceeding $2 trillion, a significant decline in its stock price could have ripple effects on the local job market and economy. As investors demand more evidence that AI investments will pay off, Southlake residents will be watching closely to see how the tech industry responds and how it will impact their community. The city's strong economy and high standard of living make it a hub for tech industry professionals, and any downturn in the sector could have far-reaching consequences.
About this story
Original reporting by CBS Texas (KTVT) DFW . Southlake News surfaces reporting from trusted publishers and adds local editorial context so readers can quickly understand what a story means for their community. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
For the complete original report, visit CBS Texas (KTVT) DFW . Have a tip or correction? Contact our newsroom .
Category: local ·
Published: June 23, 2026 ·
Source: CBS Texas (KTVT) DFW ·
Reading time: 4 min
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Frequently asked about this story
What is this story about? A major technology stock selloff stretched into a second day Tuesday as investors questioned whether artificial intelligence will generate the profits that have fueled lofty valuations for companies such as Alphabet, SpaceX and Nvidia.The tech-heavy Nasdaq Composite shed 580 points, or 2.2%, to c...
When was this published? This article was first published on June 23, 2026 by CBS Texas (KTVT) DFW and curated for Southlake News readers.
Who reported this story? This story was reported by Mary Cunningham at CBS Texas (KTVT) DFW. To learn more about how Southlake News selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more local coverage from Southlake News, or browse our daily briefing and topic hubs .
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