Overview
- The Nasdaq fell about 1.32% to 26,166.60 on June 22 while the S&P 500 closed lower and the Dow Jones rose roughly 148 points, reflecting a split market where a few large stocks dragged major indexes down.
- Alphabet plunged roughly 5% on June 22 and other big technology names including Microsoft, Amazon and Meta also posted multi-percent losses that were primary drivers of the declines.
- SpaceX dropped about 16.4% in its largest single-day fall after last week’s IPO and the company’s first debt offering on June 22, and that decline weighed heavily on the Nasdaq.
- Many chip and cyclical names advanced during the session, producing a concentrated pattern of winners and losers, and investors are treating Micron Technology’s June 24 quarterly report as the next key test for the rally.
- Market sentiment has been affected by a firmer tone from Federal Reserve chair Kevin Warsh that has pushed Treasury yields higher and by reports that U.S.-Iran talks produced a roadmap toward a deal that lowered oil prices and altered risk calculations.