2026.06.2215:06:38UTC+00Tech Stocks Weigh on Indices

US equities ended mixed as optimism over renewed Middle East energy supply offset renewed pressure on major AI-linked tech names. The S&P 500 and Nasdaq 100 reversed earlier gains to close lower, while the Dow Jones Industrial Average held on to an advance of about 200 points.

Iran reported “major progress” in recent talks with the US, saying both sides had agreed to work toward a peace agreement within two months. Hopes of improved regional stability and restored oil flows pushed energy commodity prices lower. However, lingering expectations of a still-hawkish Federal Reserve after last week’s policy meetings continued to weigh on Treasuries, limiting any rally in government bonds.

Chipmakers extended their historic run, with Micron and SanDisk each gaining about 5%. The banking sector also advanced, as Bank of America and JPMorgan rose roughly 2%. By contrast, large-cap tech and AI beneficiaries came under pressure: Alphabet slumped 10%, while Palantir, Amazon, and Meta declined around 4% amid mounting concerns over surging AI-related capital expenditures.

SpaceX fell 5% following the announcement of a new bond sale, though the stock remains about 40% above its IPO level. In healthcare, AbbVie edged 1% higher after agreeing to acquire Apogee Therapeutics in an all-cash deal valued at $10.9 billion.