Analysis: Market Concerns about AI Aggravated by Rising US Treasury Yields, Large-cap Tech Stocks Experience Rotation Sell-off
BlockBeats News, June 23rd, the United States has agreed to provide a 60-day waiver for Iran's oil sanctions, potentially allowing more Iranian oil to re-enter the global market and alleviate supply concerns, causing oil prices to fall below $80 per barrel. U.S. Vice President Vance stated that there has been "significant progress" in U.S.-Iran negotiations, with Iran agreeing to allow IAEA inspectors to return and oversee its nuclear activities. Iranian President Masoud Pezeshkian will travel to Pakistan today to continue relevant discussions.
Despite the positive developments regarding Iran, the U.S. stock market remains under pressure. The S&P 500 and Nasdaq closed lower, with a rotation sell-off in large-cap tech stocks. Alphabet, Amazon, Meta, and Microsoft saw declines ranging from 2% to 5%, attributed to concerns related to AI and the rising U.S. bond yields, which are typically unfavorable for growth stocks.
SpaceX's stock price continued to plummet, falling 16% on Monday, marking the third consecutive day of decline, with a one-day market value loss of $400 billion. The company recently disclosed holding $100.8 billion in cash shortly after its IPO and announced plans to raise new funds through the issuance of unsecured notes. The bond offering could potentially reach up to $20 billion, with the earliest launch date being on Tuesday.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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