Nasdaq Sinks Over 500 Points as Tech Selloff Deepens

Stocks are broadly lower today as the tech selloff continues, while Treasury yields rise following this morning's hotter-than-expected jobs report. The main culprit in the semiconductor woes, Broadcom (AVGO), was last seen down 4.9%, still reeling from yesterday's post-earnings selloff. The Nasdaq Composite Index (IXIC) is down over 500 points, heading for its third-straight drop, its worst single-day percentage loss since March 26, and a weekly loss. The S&P 500 Index (SPX) is modestly lower, looking to snap a nine-week winning streak, while the Dow Jones Industrial Average (DJI) is down triple digits, though still pacing for a third-straight weekly gain. 

Continue reading for more on today's market, including:

• 2 stocks in focus amid the chip sector selloff. 
• Analyst sees attractive entry point for CMG after three-year lows. 
• Plus, options traders target plummeting PL; STI soars on space battery buzz; and ZUMZ hits 2026 low. 

Options traders are targeting aerospace & defense stock Planet Labs PBC (NYSE:PL) today. The stock was last seen down 22.2% at $33.85, brushing off better-than-expected first-quarter earnings and revenue. The company also announced a $1.5 billion common stock offering, while its guidance disappointed amid margin pressure. PL has seen 37,000 calls and 26,000 puts exchanged, which is already six times its average daily options volume. The January 2027 25-strike put is the most popular, followed by the weekly 6/5 38-strike call, expiring today. New positions are being sold to open at the latter. Gapping below its 30-day moving average, PL is falling further from its late-May record peak. 

Solidion Technology, Inc (NASDAQ:STI) is soaring today, up 57% at $35.56 at last glance, after the company announced 30+ patents for space-based AI batteries. The stock jumped 360% yesterday for its largest single-session percentage gain ever after first announcing its space battery technology, and is now up 380% since the start of the year. 

Zumiez Inc (NASDAQ:ZUMZ) is down 22.6% at $18.18, after the retailer's wider-than-expected first-quarter loss of 82 cents per share and soft current-quarter forecast, despite better-than-expected revenue. Now trading at its lowest level since August, the equity is down 30.4% in 2026.