Stock market today: S&P 500, Nasdaq slide as Big tech, SpaceX hammered

June 22, 2026 - 20:44

Wall Street delivered a mixed performance on Monday, with the S&P 500 and the Nasdaq Composite sliding lower as a selloff in major technology names and Elon Musk's SpaceX weighed on sentiment. The Dow Jones Industrial Average managed a modest gain, but the broader market struggled to find direction.

SpaceX shares fell for a third consecutive session, extending a sharp decline that has erased billions in market value. The drop comes amid ongoing concerns about regulatory hurdles and rising competition in the satellite launch sector. The stock's recent weakness has also dragged down other names tied to the space economy.

Meanwhile, investors were closely monitoring developments in US-Iran peace talks, which showed signs of progress over the weekend. Reports of potential diplomatic breakthroughs in the Middle East helped push oil prices lower, offering some relief to transportation and consumer stocks. However, the positive geopolitical news was not enough to lift the tech-heavy Nasdaq, which saw pressure from high-growth names and semiconductor firms.

The S&P 500's slide was led by the information technology and communication services sectors, as traders rotated out of mega-cap stocks that had driven much of the year's gains. Analysts noted that the market is entering a period of heightened uncertainty, with earnings season winding down and the Federal Reserve's next policy meeting approaching.

Trading volume was slightly below average as participants weighed the mixed signals from geopolitics and corporate earnings. The day's action left the major indexes near key technical levels, with many traders watching to see if the recent pullback in tech and SpaceX shares will deepen in the sessions ahead.