S&P 500 Drops 0.5% as Big Tech Slides and Brent Sinks Below $77
Updated
Updated · CNBC · Jun 21
S&P 500 Drops 0.5% as Big Tech Slides and Brent Sinks Below $77
3 articles · Updated · CNBC · Jun 21
Summary
The S&P 500 lost 0.5% while the Nasdaq fell 1.3%, as Alphabet sank 6%, Amazon 4%, Meta 3% and Microsoft 2%; the Dow still rose 140 points.
SpaceX dropped 8% for a third straight decline, adding to pressure from tech shares hit by concerns over AI talent departures.
Brent crude fell more than 3% to about $77 a barrel after Qatar and Pakistan said U.S. and Iranian officials agreed on a 60-day roadmap to a final deal, and after Washington authorized Iranian oil sales for 60 days.
Thursday's May PCE report is now the market's next test, with core inflation expected to accelerate after last week's hawkish Fed meeting pulled rate-hike expectations forward to as soon as October.
Even with equities under pressure, U.S. Bank's Tom Hainlin said U.S. large-cap stocks still look relatively well positioned because domestic energy supply, jobs and business spending remain supportive.