Stock Market Today, July 16: Micron Plunges as Tech Stocks Extend Sell-Off

Tech stocks extended their sell-off on July 16, 2026, with the Nasdaq Composite falling 1.47% amid growing AI spending concerns and escalating U.S.-Iran tensions. Micron Technology plunged nearly 6%, while semiconductor leaders like Nvidia and Broadcom declined. Taiwan Semiconductor Manufacturing fell despite record earnings. Abbott Laboratories surged over 10% on strong earnings. A Bank of America survey revealed 45% of fund managers view an AI bubble as the largest market risk.