ASML Holding NV, a key player in the semiconductor industry, saw its stock plummet 5.78% in pre-market trading on Monday, reflecting a broader selloff in technology and semiconductor stocks. The drop in ASML's share price comes as US stock futures tumbled, with Nasdaq 100 futures falling 4% in pre-market trading, signaling a potentially turbulent start to the week for tech stocks.

The semiconductor sector was hit particularly hard in the market downturn. The SOXL ETF, a leveraged semiconductor index, plunged 15%, highlighting the intensity of the selloff. Other major players in the industry also suffered significant losses, with Super Micro Computer falling over 9%, and companies like ARM Holdings, Broadcom, and AMD all experiencing declines of 6% or more. The selloff extended to AI-related stocks as well, with BigBear.ai dropping over 13% and Palantir sliding about 9%.

The market turmoil appears to be largely driven by escalating trade tensions. President Donald Trump's recent comments about tariffs and the US trade deficit have fueled investor concerns. While Trump stated he was not intentionally causing a market selloff, he gave no indication of plans to reduce the tariffs that have already wiped trillions in value from US equities. The President's stance that any deal to trim tariffs must lead to the elimination of the US trade deficit has further intensified market anxiety, particularly in sectors heavily reliant on global trade, such as the semiconductor industry. As a result, companies like ASML, which depend on international supply chains and markets, are facing increased pressure from investors wary of potential disruptions to global trade.