S&P 500, Nasdaq Fall as Trump Vows Response to Iran's Downing of US Apache
Updated
Updated · Reuters · Jun 9
S&P 500, Nasdaq Fall as Trump Vows Response to Iran's Downing of US Apache
3 articles · Updated · Reuters · Jun 9
Summary
The S&P 500 lost 0.26% and the Nasdaq dropped 0.97% on June 9 after an early rebound in tech shares faded and Trump said the U.S. must respond to Iran's overnight downing of a U.S. Apache helicopter.
Technology led the retreat: the S&P tech index ended down 1.8%, while the Philadelphia semiconductor index closed 1.9% lower after falling as much as 8.6%; the VIX hit its highest level since April 7.
The Dow still rose 0.17% and value stocks outperformed growth, suggesting investors rotated away from momentum names as the broader selloff spread beyond chips.
Markets were also bracing for Wednesday's May CPI report and Friday's SpaceX IPO, a planned $75 billion deal at a $1.75 trillion valuation that investors expect to add volatility.