16.06.202620:15:21UTC+00US Stock Market Closes Mixed

US equities ended mixed on Tuesday as AI-related stocks retreated. The S&P 500 fell 0.6%, while the Nasdaq declined 1.2%. Investors took profits in semiconductor names following their recent rally, with Nvidia (-2.4%), Broadcom (-4.4%), Micron (-6.2%), AMD (-7.3%), and Intel (-8.5%) all finishing lower.

In contrast, SpaceX climbed 4.8%, extending its gains since Friday’s IPO after reports that it plans to acquire Cursor for $60 billion. The Dow Jones Industrial Average gained 328 points to reach a new record high, buoyed by optimism over a preliminary US–Iran agreement. Both countries are expected to sign the deal on Friday, and US officials indicated that the Strait of Hormuz will reopen.

Treasury yields continued to edge lower as weaker oil prices helped ease inflation concerns ahead of the Fed’s anticipated decision to keep rates on hold on Wednesday. However, Chair Warsh is still expected to push for adjustments to the monetary policy framework and a smaller balance sheet. In financials, JPMorgan rose 3.7%, while Visa advanced 2.8%.