Tech Stocks Weigh on Indices

2026-06-22 15:06 By Andre Joaquim 1 min. read

US stock indices were mixed as progress in restoring energy supply from the Middle East offset fresh weakness for AI hyperscalers.

The S&P 500 and the Nasdaq 100 swung to trade lower, while the Dow maintained its 200 point gain.

Iran stated there was major progress in the recent discussions with the US as both sides agreed to reach a peace deal within two months.

Prices for energy commodities fell further on hopes of restored supply, although lingering expectations of a hawkish Fed following last week's meetings prevented support for Treasuries.

Chip producers extended their historic rally with Micron and Sandisk adding 5%.

Banks were also higher with BofA and JPMorgan adding around 2%.

In turn, Alphabet sank 10% while Palantir, Amazon, and Meta fell around 4% on concerns over soaring AI capex.

Likewise, SpaceX sank 5% after announcing a new bond sale, although it remains 40% above its IPO.

AbbVie added 1% after agreeing to buy Apogee Therapeutics in a $10.9 billion cash deal.



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Tech Stocks Weigh on Indices
US stock indices were mixed as progress in restoring energy supply from the Middle East offset fresh weakness for AI hyperscalers. The S&P 500 and the Nasdaq 100 swung to trade lower, while the Dow maintained its 200 point gain. Iran stated there was major progress in the recent discussions with the US as both sides agreed to reach a peace deal within two months. Prices for energy commodities fell further on hopes of restored supply, although lingering expectations of a hawkish Fed following last week's meetings prevented support for Treasuries. Chip producers extended their historic rally with Micron and Sandisk adding 5%. Banks were also higher with BofA and JPMorgan adding around 2%. In turn, Alphabet sank 10% while Palantir, Amazon, and Meta fell around 4% on concerns over soaring AI capex. Likewise, SpaceX sank 5% after announcing a new bond sale, although it remains 40% above its IPO. AbbVie added 1% after agreeing to buy Apogee Therapeutics in a $10.9 billion cash deal.
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