US close: Stocks mixed on tech weakness, SpaceX and Alphabet drop

(Sharecast News) - US stocks finished mixed on Monday, as the S&P 500 and Nasdaq slipped into the red following earlier gains, with big losses from a number of heavyweight tech names hitting markets.

New market entrant SpaceX continued its post-IPO slump, and Alphabet dropped after its AI business lost a key figure to Anthropic. Other blue chips in the sector also ended lower, including Apple, Amazon.com and Microsoft.

The S&P 500 declined 0.4%, the Nasdaq dropped 1.3%, while the Dow managed to hold on to gains to finish up 0.3%.

The weak start to the week came despite another drop in the price of oil on the back of the initial peace deal struck between the US and Iran last week, with reports of more tankers crossing the vital Strait of Hormuz. Brent fell 3.3% to $77.90 a barrel, while WTI crude fell 2.3% to $74.82.

Qatar and Pakistan said the US and Iran have agreed on a roadmap to reach a final deal in 60 days. In a joint statement following talks between the two in Switzerland, the mediators said the US and Iran would continue technical talks throughout the week and establish a high-level committee to oversee the mediation process.

Outside of geopolitics, the main focus for markets this week will be Thursday's May personal consumption expenditures index, the Federal Reserve's preferred inflation gauge, with economists expecting to see core PCE, which strips out volatile food and energy costs, to rise from April's level, keeping pressure on the central bank.

Following last week's hawkish Fed meeting, traders brought forward expectations of the next interestrate increase to as early as October. With ratehike bets firming, investors will now be highly sensitive to any inflation data that could reinforce the case for tighter policy.

SpaceX once again saw volatile swings as the stock continued to pull back after some impressive gains over its first few days as a public company. The shares, which debuted at $135 on 12 June, surged to a high of $225.64 last week but have now fallen for the past three sessions, dropping a further 16% on Monday to $154.60.

Alphabet suffered a 5% drop - its worst one-day performance in over a year - after Google Deepmind director and senior research scientist John Jumper left the division after a nine-year stint to move to Anthropic. Just last week, a key figure in Google's Gemini team, jumped ship to OpenAI.

Not all tech stocks performed badly though, with chipmaker Micron Technology rising strongly ahead of its quarterly earnings on Wednesday, along with sector peers AMD and Intel.

Dow Jones - Risers

Intel Corp. (INTC) $140.94 4.83%

Caterpillar Inc. (CAT) $1,022.28 3.70%

Cisco Systems Inc. (CSCO) $121.53 2.51%

JP Morgan Chase & Co. (JPM) $331.48 1.92%

3M Co. (MMM) $163.22 1.63%

Unitedhealth Group Inc. (UNH) $406.68 1.43%

Merck & Co. Inc. (MRK) $115.48 1.41%

Johnson & Johnson (JNJ) $231.29 1.27%

International Business Machines Corporation (CDI) (IBM) $252.22 1.25%

Amgen Inc. (AMGN) $344.72 0.91%

Dow Jones - Fallers

Nike Inc. (NKE) $43.19 -4.45%

McDonald's Corp. (MCD) $270.10 -3.05%

Dow Chemical Co. (DOW) $30.79 -2.96%

Home Depot Inc. (HD) $326.62 -2.29%

Microsoft Corp. (MSFT) $367.34 -1.83%

Procter & Gamble Co. (PG) $147.68 -1.80%

Walt Disney Co. (DIS) $102.45 -1.39%

Salesforce.Com Inc. (CRM) $150.12 -1.09%

Boeing Co. (BA) $220.83 -0.85%

Visa Inc. (V) $326.60 -0.20%

S&P 500 - Risers

Micron Technology Inc. (MU) $1,211.38 10.46%

Skyworks Solutions Inc. (SWKS) $76.18 10.28%

Qorvo, Inc. (QRVO) $101.98 8.19%

Corning Inc. (GLW) $209.83 7.65%

Nektar Therapeutics (NKTR) $65.70 6.59%

AbbVie Inc (ABBV) $230.01 6.25%

KLA-Tencor Corp. (KLAC) $269.16 6.09%

Quanta Services Inc. (PWR) $740.14 5.40%

Texas Instruments Inc (TXN) $332.28 5.31%

Intel Corp. (INTC) $140.94 4.83%

S&P 500 - Fallers

Coterra Energy Inc. (CTRA) $32.56 -8.62%

Robert Half Inc. (RHI) $29.11 -7.85%

Advance Auto Parts (AAP) $55.42 -7.79%

Cognizant Technology Solutions Corp. (CTSH) $41.83 -7.41%

Western Digital Corp. (WDC) $732.62 -7.38%

VeriSign Inc. (VRSN) $247.69 -7.15%

Perrigo Company plc (PRGO) $9.60 -6.34%

Chipotle Mexican Grill Inc. (CMG) $30.54 -6.00%

Whirlpool Corp. (WHR) $36.57 -5.89%

Clorox Co. (CLX) $90.60 -5.43%

Nasdaq 100 - Risers

Micron Technology Inc. (MU) $1,211.38 10.46%

Skyworks Solutions Inc. (SWKS) $76.18 10.28%

KLA-Tencor Corp. (KLAC) $269.16 6.09%

Texas Instruments Inc (TXN) $332.28 5.31%

Intel Corp. (INTC) $140.94 4.83%

Incyte Corp. (INCY) $103.66 4.31%

Microchip Technology Inc. (MCHP) $102.71 4.26%

Tesla Inc (TSLA) $405.05 3.62%

Dollar Tree Inc (DLTR) $113.93 3.51%

Analog Devices Inc. (ADI) $445.48 3.13%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Cognizant Technology Solutions Corp. (CTSH) $41.83 -7.41%

Western Digital Corp. (WDC) $732.62 -7.38%

Netflix Inc. (NFLX) $72.88 -4.62%

Kraft Heinz Co. (KHC) $22.03 -4.47%

Workday, Inc. (WDAY) $113.04 -4.14%

Marriott International - Class A (MAR) $384.19 -4.11%

Broadcom Inc. (AVGO) $392.13 -4.05%

O'Reilly Automotive Inc. (ORLY) $85.63 -3.82%

Liberty Global plc Series A (LBTYA) $11.03 -3.79%