Stocks drift after oil prices ease; big tech shares stumble

By the Editorial Team · Tuesday, June 23, 2026

U.S. stock markets saw mixed results on Monday as oil prices dropped following U.S.-Iran talks, with major tech shares experiencing significant losses while the Dow rose modestly. The decline in oil prices reflects potential progress toward reopening the Strait of Hormuz, but rising Treasury yields and expectations of Fed rate hikes continue to pressure expensive technology stocks and fuel concerns about slowing economic growth.

U.S. stock markets experienced mixed trading on Monday as oil prices declined following weekend discussions between the United States and Iran, while major technology shares posted notable losses. The S&P 500 index slipped approximately 0.4%, retreating from its 11th winning week in the past 12 and settling about 1.8% below the all-time high reached earlier this month. The Dow Jones Industrial Average rose by roughly 148 points, or 0.3%, whereas the Nasdaq composite declined around 1.3%, pressured by steep drops among leading technology companies.

The easing of crude oil prices came after talks aimed at resolving the conflict between the U.S. and Iran, with Vice President JD Vance describing the discussions as establishing a “good foundation for a successful final deal.” The resolution of the conflict could potentially reopen the Strait of Hormuz to oil tankers, allowing for the unimpeded flow of Persian Gulf oil. This followed reports from Iran’s military that it had closed the Strait again on Saturday, a claim disputed by U.S. Central Command.

Brent crude oil prices declined approximately 3.2%, settling near $77.50 per barrel, approaching levels seen before the conflict, while U.S. benchmark crude fell close to 2.6%, to about $73.86 per barrel. Despite lower oil prices, Treasury yields continued to rise amid expectations that the Federal Reserve may implement one or more interest rate hikes this year to combat inflation, which has accelerated partly due to elevated energy costs linked to the Iran war. The yield on the 10-year Treasury note increased to 4.50%, up from 4.46% at the end of last week and significantly higher than the 3.97% before the conflict began. Market data indicated nearly a 90% probability of at least one rate increase by year-end, up from 57% a week earlier.

Rising bond yields globally are raising borrowing costs for mortgages and other loans, contributing to concerns over slowing economic growth. Higher yields have also pressured valuations on expensive investments, particularly stocks in companies heavily associated with artificial intelligence (AI) technology. Shares of SpaceX, which recently debuted on the U.S. stock market and is affiliated with the AI-focused company xAI, fell 16.4% to about $154.60, marking a third consecutive decline after an initial post-IPO surge.

Other major tech companies also saw significant declines, with Alphabet down roughly 5%, Amazon falling near 4.7%, and Broadcom decreasing approximately 4.5%. In contrast, AbbVie shares rose about 6.2% after the company announced a roughly $10.9 billion deal to acquire Apogee Therapeutics, a firm developing treatments for inflammatory and immunological diseases. Apogee’s stock surged nearly 47% following the announcement.

International markets showed mixed results. The United Kingdom’s FTSE 100 gained 0.7% amid news of Prime Minister Keir Starmer’s forthcoming resignation as leader of the governing Labour Party. In Asia, Tokyo’s Nikkei 225 advanced 1.5% to a record high, supported by gains in AI-related stocks, while South Korea’s Kospi also reached a new record with a 0.7% increase, buoyed by similar industry leaders.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.