Tech Stocks Under Pressure, Three Major US Indices Mixed
Washington, June 23 — US stocks were mixed on Monday. As US-Iran negotiations continue to advance and international oil prices keep falling, market sentiment was boosted. Meanwhile, investors are closely watching the upcoming earnings report from memory chip giant Micron this week. However, tech stocks overall underperformed, dragging down the broader market, and the three major indices closed with mixed results.
As of the close on June 22, the Dow Jones Industrial Average rose 148.01 points, or 0.29%, to 51,712.71; the Nasdaq Composite fell 351.33 points, or 1.33%, to 26,166.60; the S&P 500 dropped 27.79 points, or 0.37%, to 7,472.79; the Philadelphia Semiconductor Index gained 292.94 points, or 2.04%, to 14,634.72.
(EPA)
According to reports from CNBC and other foreign media, the broad decline of tech giants was the main source of market pressure. SpaceX shares fell for the third consecutive session, dropping about 16.4% on Monday, with a single-day market cap loss of about $400 billion. Among other tech stocks, Google parent Alphabet fell about 5%; Amazon fell about 4.8% on concerns over AI talent attrition, becoming the biggest loser among Dow components; Meta fell 2.3%; Microsoft also slid about 3%.
However, not all tech stocks performed poorly. Boosted by earnings expectations, Micron Technology rose nearly 7% against the trend.
Meanwhile, with Qatar and Pakistan mediating, US and Iranian officials reached a consensus on a path to a final agreement within 60 days. As the US Treasury Department lifted some sanctions on Iran and approved the resumption of Iranian oil sales over the next 60 days, international oil prices came under pressure. August-delivery Brent crude futures fell 3.31% to $77.90 per barrel; July-delivery WTI crude futures fell 2.32% to $74.82 per barrel.
