U.S. stocks fell from near record highs, primarily driven by a slide in several major tech companies. The Nasdaq Composite, for instance, experienced a 1.3% decline, with Alphabet Inc. leading the losses among megacap stocks. This downturn occurred despite earlier hopes for progress in peace talks between the U.S. and Iran, which had initially buoyed market sentiment.
A significant contributor to the market's negative performance was a 16% plunge in SpaceX shares, which dropped to their lowest point since their initial trading day. This decline came as Elon Musk's rocket firm announced plans to sell investment-grade bonds, part of an expected large borrowing initiative to fund its artificial intelligence ambitions. The rise in Treasury yields further weighed on overall market sentiment during this period.
Oil prices also retreated, with Brent crude settling under $78. This market movement, reported by Rita Nazareth and updated on June 22, 2026, at 8:30 PM UTC, suggests that the negative impact from the tech and bond market shifts outweighed any positive influence from the developing U.S.-Iran negotiations.
