ASML Holding NV, a key player in the semiconductor industry, saw its stock plummet 6.68% in a significant market downturn. The drop came as part of a broader selloff in technology and semiconductor stocks, with US stock futures tumbling and Nasdaq 100 futures falling 4% in pre-market trading.

The semiconductor sector was hit particularly hard, with the SOXL ETF plunging 15%. 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.