Nasdaq Futures Fall 0.1% as Tech Megacaps Drag Markets Lower Late Monday

Late Monday (June 23), U.S. stock futures traded lower as investors rotated out of megacap technology stocks. Nasdaq 100 futures fell 0.1% and S&P 500 futures declined 0.2% as of 10 p.m. ET, with Alphabet dropping 5%, Amazon and Meta losing nearly 5% and 2.3% respectively, and Microsoft sliding 3%.

SpaceX plunged 16% for its third consecutive session of losses, extending its three-day decline to nearly 24% after its initial post-IPO rally. The company announced a senior unsecured notes offering seeking to raise at least $20 billion for AI initiatives, according to Bloomberg. Chip stocks offered some relief, with Micron rising nearly 7% ahead of earnings, while AMD and Intel also gained. Oil fell 3.31% to $77.90 per barrel after U.S.-Iran talks in Switzerland produced a 60-day roadmap toward a final agreement, though unresolved issues around the Strait of Hormuz and nuclear commitments remained.