We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Wall Street closed mixed on Monday, pulled down by tech and discretionary stocks. Investor sentiment was weighed down by profit-taking in technology stocks, rising geopolitical uncertainty and caution ahead of key economic data. Two of the three benchmark indexes ended in the red, while one ended in the green.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.3%, or 148.01 points, to close at 51,712.71. Fifteen components of the 30-stock index ended in negative territory, one remained unchanged, while 14 ended in positive.
The tech-heavy Nasdaq Composite fell 351.33 points, or 1.3%, to close at 26,166.6.
The S&P 500 lost 27.79 points, or 0.4%, to close at 7,472.79. Seven of the 11 broad sectors of the benchmark index closed in the green. The Communication Services Select Sector SPDR (XLC), the Consumer Discretionary Select Sector SPDR (XLY) and the Consumer Staples Select Sector SPDR (XLP) declined 3.8%, 2.3% and 0.7%, respectively, while the Real Estate Select Sector SPDR (XLRE) advanced 1.4%.
The fear gauge CBOE Volatility Index (VIX) increased 3% to 17.28. A total of 22.97 billion shares were traded on Monday, higher than the last 20-session average of 22.12 billion. Decliners outnumbered advancers by a 1.32-to-1 ratio on the NYSE and by a 1.33-to-1 ratio on the Nasdaq.
SpaceX Slumps on Debt Offering, Weighs on Nasdaq
SpaceX (SPCX - Free Report) plunged 16.4% on Monday, marking its steepest single-day decline and becoming a major drag on the Nasdaq Composite. Investor sentiment was pressured after the Elon Musk-led company launched its first-ever debt offering, a move that raised concerns about future financing needs despite its strong balance sheet. The announcement prompted profit-taking following the stock’s strong post-IPO run, with shares still trading well above their $135 offering price.
The sharp selloff overshadowed the company’s disclosure that it held approximately $100.8 billion in cash and cash equivalents as of June 19. While the cash position highlighted SpaceX’s financial strength, investors focused on the implications of the debt issuance and valuation concerns after the stock’s recent gains. Given SpaceX’s significant market influence, the decline weighed heavily on technology stocks and contributed to a mixed performance across Wall Street.
AI Spending Concerns Trigger Tech Selloff
Wall Street’s artificial intelligence (AI)-driven rally hit a speed bump on Monday as investors grew increasingly concerned about the enormous costs associated with developing AI technologies. The sector came under pressure amid worries that technology companies are committing unprecedented amounts of capital to build AI infrastructure, including data centers, chips and computing networks, without clear visibility into the timing and magnitude of future returns.
The selloff reflected broader concerns that escalating AI investments could weigh on profit margins and cash flows in the near term. Investors also remained wary of intensifying competition for top AI talent and the risk that spending levels across the industry may outpace revenue growth. The weakness in AI-related shares weighed on the Nasdaq Composite and contributed to a mixed performance across Wall Street as traders rotated toward sectors perceived as offering more predictable earnings prospects.
Oil prices fell on June 22 after Washington and Tehran agreed on a roadmap toward a final deal within 60 days, raising hopes for easing geopolitical tensions in the Middle East. U.S. and Iranian officials reportedly made “great progress” during the first round of talks in Switzerland, which concluded early Monday.
The diplomatic breakthrough reduced concerns about potential disruptions to global crude supplies, particularly through the strategically vital Strait of Hormuz. Although tensions persisted over issues involving Lebanon and regional security, investors viewed the progress in negotiations as a positive step toward stability. As fears of supply disruptions eased, oil prices retreated and the geopolitical risk premium embedded in crude markets diminished. Brent crude slipped 20 cents, or 0.3%, settling at $77.70 per barrel, while WTI crude edged down 12 cents, or 0.2%, to $73.74 a barrel.
View the Zacks #1 Rank List
Image: Bigstock
Stock Market News for Jun 23, 2026
Wall Street closed mixed on Monday, pulled down by tech and discretionary stocks. Investor sentiment was weighed down by profit-taking in technology stocks, rising geopolitical uncertainty and caution ahead of key economic data. Two of the three benchmark indexes ended in the red, while one ended in the green.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.3%, or 148.01 points, to close at 51,712.71. Fifteen components of the 30-stock index ended in negative territory, one remained unchanged, while 14 ended in positive.
The tech-heavy Nasdaq Composite fell 351.33 points, or 1.3%, to close at 26,166.6.
The S&P 500 lost 27.79 points, or 0.4%, to close at 7,472.79. Seven of the 11 broad sectors of the benchmark index closed in the green. The Communication Services Select Sector SPDR (XLC), the Consumer Discretionary Select Sector SPDR (XLY) and the Consumer Staples Select Sector SPDR (XLP) declined 3.8%, 2.3% and 0.7%, respectively, while the Real Estate Select Sector SPDR (XLRE) advanced 1.4%.
The fear gauge CBOE Volatility Index (VIX) increased 3% to 17.28. A total of 22.97 billion shares were traded on Monday, higher than the last 20-session average of 22.12 billion. Decliners outnumbered advancers by a 1.32-to-1 ratio on the NYSE and by a 1.33-to-1 ratio on the Nasdaq.
SpaceX Slumps on Debt Offering, Weighs on Nasdaq
SpaceX (SPCX - Free Report) plunged 16.4% on Monday, marking its steepest single-day decline and becoming a major drag on the Nasdaq Composite. Investor sentiment was pressured after the Elon Musk-led company launched its first-ever debt offering, a move that raised concerns about future financing needs despite its strong balance sheet. The announcement prompted profit-taking following the stock’s strong post-IPO run, with shares still trading well above their $135 offering price.
The sharp selloff overshadowed the company’s disclosure that it held approximately $100.8 billion in cash and cash equivalents as of June 19. While the cash position highlighted SpaceX’s financial strength, investors focused on the implications of the debt issuance and valuation concerns after the stock’s recent gains. Given SpaceX’s significant market influence, the decline weighed heavily on technology stocks and contributed to a mixed performance across Wall Street.
AI Spending Concerns Trigger Tech Selloff
Wall Street’s artificial intelligence (AI)-driven rally hit a speed bump on Monday as investors grew increasingly concerned about the enormous costs associated with developing AI technologies. The sector came under pressure amid worries that technology companies are committing unprecedented amounts of capital to build AI infrastructure, including data centers, chips and computing networks, without clear visibility into the timing and magnitude of future returns.
The selloff reflected broader concerns that escalating AI investments could weigh on profit margins and cash flows in the near term. Investors also remained wary of intensifying competition for top AI talent and the risk that spending levels across the industry may outpace revenue growth. The weakness in AI-related shares weighed on the Nasdaq Composite and contributed to a mixed performance across Wall Street as traders rotated toward sectors perceived as offering more predictable earnings prospects.
Consequently, shares of Alphabet Inc. (GOOGL - Free Report) and Oracle Corporation (ORCL - Free Report) slid 5% each. Both currently carry a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
U.S.-Iran Talks Push Oil Prices Lower
Oil prices fell on June 22 after Washington and Tehran agreed on a roadmap toward a final deal within 60 days, raising hopes for easing geopolitical tensions in the Middle East. U.S. and Iranian officials reportedly made “great progress” during the first round of talks in Switzerland, which concluded early Monday.
The diplomatic breakthrough reduced concerns about potential disruptions to global crude supplies, particularly through the strategically vital Strait of Hormuz. Although tensions persisted over issues involving Lebanon and regional security, investors viewed the progress in negotiations as a positive step toward stability. As fears of supply disruptions eased, oil prices retreated and the geopolitical risk premium embedded in crude markets diminished. Brent crude slipped 20 cents, or 0.3%, settling at $77.70 per barrel, while WTI crude edged down 12 cents, or 0.2%, to $73.74 a barrel.
No economic data was released on Monday.