4:15pm: Big Tech selloff
US stocks finished mixed on Monday as steep losses in some of the market's biggest technology names outweighed gains across much of the broader market.
The Dow Jones Industrial Average rose 148 points, or 0.3%, to close at 51,713, supported by optimism surrounding geopolitical developments and strength in non-technology sectors. However, the S&P 500 slipped 28 points, or 0.4%, to 7,473, while the Nasdaq dropped 351 points, or 1.3%, to 26,167.
Technology stocks were at the center of the selling pressure. Alphabet fell more than 5% after concerns emerged over talent departures within its artificial intelligence division. Amazon declined roughly 4%, while Meta Platforms lost about 2%, adding to the drag on the broader market.
SpaceX was among the day's biggest losers, tumbling as much as 14% and hitting its lowest level since the company's IPO earlier this month, further weighing on investor sentiment toward high-growth technology shares.
Despite the weakness in megacap tech, market breadth was generally positive, helping lift the Dow into positive territory. Still, the sharp declines in some of the market's largest companies proved too much for the S&P 500 and Nasdaq to overcome, leaving the major indexes divided by the closing bell.
3:40pm: Proactive news headlines
- HIVE Digital Technologies Ltd (TSX:HIVE, NASDAQ:HIVE, FRA:YO0, BVC:HIVECO) completed its first AI research project using GPUs in Paraguay in collaboration with Columbia University researchers, with the study submitted to the NeurIPS machine learning conference.
- Argentina Lithium & Energy Corp (TSX-V:LIT, OTCQX:LILIF) announced the retirement of vice president exploration Miles Rideout, who helped advance the company's Argentine lithium projects, including the first resource estimate for Rincon West.
- Blockmate Ventures Inc (TSX-V:MATE, OTCQB:MATEF, FRA:8MH) plans to raise up to $750,000, and potentially $1 million through oversubscriptions, via a non-brokered private placement of units priced at $0.05 each.
- American Resources Corp (NASDAQ:AREC) said its subsidiary ReElement Technologies is advancing construction of its rare earth and critical minerals refining campus in Marion, Indiana, with initial germanium production targeted for the third quarter of 2026.
2:30pm: Market movers
- Alphabet Inc (NASDAQ:GOOG) shares fell 5.5% after the company lost key AI researcher Noam Shazeer to OpenAI, fueling investor concerns about talent retention and its AI strategy.
- Definium Therapeutics shares surged about 53% after the company reported positive Phase 3 trial results for its LSD-based depression treatment DT120, which met its primary and key secondary endpoints.
- Lucid Group Inc (NASDAQ:LCID) announced plans to cut roughly 18% of its U.S. workforce as part of a restructuring effort expected to generate about $158 million in annual cost savings.
- HIVE Digital Technologies Ltd (TSX:HIVE, NASDAQ:HIVE, FRA:YO0, BVC:HIVECO) completed its first AI research project using GPUs in Paraguay in collaboration with Columbia University Department of Industrial Engineering and Operations Research, with the research submitted to the NeurIPS conference.
- Abbvie Inc (NYSE:ABBV) agreed to acquire Apogee Enterprises (NASDAQ:APOG) for approximately $10.9 billion in cash, expanding its pipeline of treatments for inflammatory and immunological diseases.
- Getty Images shares jumped about 118% after the company signed a multi-year agreement with OpenAI to integrate Getty's licensed image library into ChatGPT's search and visual response capabilities.
12:50pm: Will oil supply disruptions ease?
Oil's recent rebound appears to be fading as traders become more confident that supply disruptions tied to U.S.-Iran tensions will ease, says IG's Chris Beauchamp.
"Despite a stormy weekend of talks in Switzerland and threats from the White House, it seems some progress was actually made between the two sworn enemies," Beauchamp noted Monday.
"Compared to recent days, passage through Hormuz seems to have returned to a more reasonable level too, giving hope for consumers that petrol prices will continue to come down.”
11:45am: Week ahead
Wall Street enters the final full week of June with investors juggling inflation, artificial intelligence and the health of the banking sector.
After last week's Federal Reserve meeting under new Chair Kevin Warsh, attention now shifts to a busy slate of economic data, corporate earnings and Fed commentary that could help shape expectations for interest rates and market direction heading into the second half of the year.
The week's biggest corporate event comes Wednesday when Micron Technology Inc (NASDAQ:MU) (Micron Technology Inc (NASDAQ:MU)) reports quarterly results. The memory-chip maker has emerged as one of the biggest winners of the AI boom, making its outlook closely watched across the semiconductor industry.
Investors will be looking for updates on demand for high-bandwidth memory chips used in AI servers, as well as management's expectations for datacenter spending.
The macroeconomic highlight arrives Thursday with the release of the core Personal Consumption Expenditures index, the Fed's preferred measure of inflation.
Economists expect annual core PCE inflation to rise to about 3.4%, a reading that could reinforce concerns that price pressures remain stubbornly high.
10:50am: AbbVie snaps up Apogee for nearly $11B
Abbvie Inc (NYSE:ABBV) (Abbvie Inc (NYSE:ABBV)) announced that it will acquire Apogee Therapeutics (NASDAQ:APGE) in an all-cash transaction valued at approximately $10.9 billion, adding a pipeline of clinical-stage therapies for inflammatory and immunological diseases, including atopic dermatitis and asthma.
Under the terms of the definitive agreement announced Sunday, AbbVie will acquire all outstanding Apogee shares for $135.11 per share in cash.
Shares of AbbVie added 4.5% at $226 on the news, while Apogee shares surged 47% to about $133.
9.55am: Dow up but Nasdaq flat
US stocks were showing a familiar split in opening trades, with the Dow Jones opening up 0.5% as investors rotate into cyclical and defensive blue chips including JPMorgan, Goldman Sachs, Caterpillar, UnitedHealth and Amgen.
The S&P 500 climbed just over 0.3%, led by gains for Super Micro Computer, ON Semiconductor, AbbVie, Micron, Dell and SanDisk.
The Nasdaq was flat as investors take profits in technology names. ARM, Qualcomm, AppLovin, Marvell, and Palantir are among the biggest fallers, with several high-growth stocks down more than 2%.
Among the tech megacaps, Alphabet lost more than 3%, while Amazon dropped 1.8%, while Meta and Microsoft fell in early trade. Nvidia and Apple were higher.
SpaceX fell back again, down 7.8% to under $171, still above its $135 IPO price but well off its early $225.64 high.
9.15am: Former Fed chief Greenspan dies at 100
Alan Greenspan, who chaired the Federal Reserve from 1987 to 2006 under four US presidents, has died aged 100.
Greenspan oversaw Wall Street's 1987 crash, the dotcom boom and bust, and much of the period later dubbed the "Great Moderation" of steady growth and low inflation.
The Fed has put out a statement, saying he "helped establish the credibility that remains one of the Federal Reserve’s most important assets” in a statement", while admirers credited him with helping steer the US economy through nearly two decades of expansion.
His reputation was dented after the 2008 financial crisis, when regulators and politicians blamed decades of deregulation and faith in banks' ability to police themselves for helping to create the conditions for the collapse.
The former Fed chair later admitted he had "made a mistake" in believing financial institutions could effectively self-regulate, although he resisted attempts to hold him chiefly responsible for the crisis.
8.45am: Wall Street futures point higher
US futures were pointing higher at the start of the week as investors return from the Juneteenth holiday weekend, with technology stocks expected to lead gains despite lingering uncertainty over the Middle East and the prospect of further Federal Reserve tightening.
Dow Jones futures were up 96 points, or 0.2%, while S&P 500 futures edged 0.1% higher and Nasdaq futures outperformed, rising 0.4%.
The upbeat mood follows a mixed session in Asia., with Japan's Nikkei climbing 1.6% to another record close, while China's Shanghai Composite gained 1.8%.
South Korea's Kospi rose 0.7% as memory chip maker SK Hynix jumped to a fresh all-time high and overtook Samsung as the country's most valuable listed company.
Markets continue to digest developments in the Middle East after Iran said talks with the US had made "major progress".
Oil prices initially jumped after reports that Tehran had moved to close the Strait of Hormuz, only to retreat as optimism over negotiations returned. WTI crude is down 1.15 at $75.75, still well above the sub-$60 levels seen at the start of the year.
Investors are also adjusting to a more hawkish Federal Reserve, with markets now pricing an 89% chance of at least one further rate increase before the end of 2026, with no expectation of a rate cut.
BofA Global Research is forecasting a further 75 basis points of US rate hikes this year.
That typifies a wider shift has helped support the dollar and pushed Treasury yields higher.
Deutsche Bank argues the recent US-Iran progress has failed to spark a bigger market rally because of the Fed's hawkish shift under new chief Kevin Warsh, pushing real Treasury yields to their highest level in more than a year.
Strategist Henry Allen also notes that the S&P 500 had already surged 16% over April and May, leaving limited room for further gains, while tanker traffic through the Strait of Hormuz remains "at just a fraction of its pre-conflict levels"
The week ahead brings results from FedEx and Carnival, Micron's closely watched earnings on Wednesday, the Fed's annual bank stress tests and the latest reading of core PCE inflation.