U.S. stock markets closed mixed.
The Nasdaq fell by 1%, and the S&P 500 ended slightly lower, while the Dow Jones Industrial Average saw a modest gain.
By sector, communication services dropped 3%, and consumer discretionary stocks also weakened by 2%, putting downward pressure on the indices.
Early in the session, the market opened higher, reflecting positive external factors such as progress in the first round of talks between the U.S. and Iran and a decline in oil prices.
At the talks in Switzerland, both countries agreed on a roadmap to reach a final agreement within 60 days. As the U.S. decided to allow Iranian crude oil sales for 60 days, international oil prices fell.
Brent crude dropped to the $77 per barrel level, and West Texas Intermediate (WTI) also finished trading near $74.
However, despite this favorable news from the Middle East, skepticism regarding the AI ecosystem emerged during the day, leading to a sell-off in large-cap tech stocks that pushed the indices into negative territory.
Amid growing doubts about the actual value creation of AI and reports of key researchers leaving the company, Alphabet, the parent company of Google, fell 5%. SpaceX, burdened by its first-ever $20 billion corporate bond issuance, plunged 16%, marking its third consecutive day of decline.
On the other hand, Micron Technology reached an all-time high ahead of its earnings report.
With the Personal Consumption Expenditures (PCE) price index for May, scheduled to be released on June 25, expected to rise from the previous month, the market is closely watching the Federal Reserve's future monetary policy direction.
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