Nasdaq, S&P 500 Futures Dip After Megacap Tech Selloff: Why SPCX, INFQ, PLTR, QBTS, HIMS Are In Focus

Deepti Sri

Mon, June 22, 2026 at 10:09 PM EDT 4 min read

• GOOG, AMZN, META and MSFT dragged markets lower, while SPCX plunged 16% and extended its three-day slide to nearly 24% after its post-IPO rally.

• Chip stocks offered some relief, with Micron rising nearly 7% ahead of earnings, while AMD and Intel also gained.

• Oil fell after U.S.-Iran talks produced a 60-day roadmap toward a final deal, though risks around the Strait of Hormuz and nuclear commitments remained unresolved.

U.S. stock futures traded mostly lower late Monday as investors rotated out of megacap tech and questioned the AI trade, even as hopes for a U.S.-Iran deal eased pressure on crude prices.

As of 10 p.m. ET, Nasdaq 100 futures were down 0.1%, while S&P 500 futures were down by 0.2%. Dow futures were up 0.1%.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

On Stocktwits, retail sentiment toward the SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ) was ‘neutral’ amid ‘normal’ message volume, while sentiment toward the SPDR Dow Jones Industrial Average ETF Trust (DIA) was ‘bullish’ amid ‘normal’ message volume.

US Market Drivers

Markets were pressured by a tech-led pullback after megacap stocks dragged indexes lower Monday. Alphabet fell 5% on AI concerns over high-profile exits, while Amazon dropped nearly 5%, Meta lost 2.3%, and Microsoft declined 3%.

Here’s how major U.S. indexes performed in Monday’s regular session:

SpaceX added to the risk-off mood, plunging 16% for its third straight session of losses and extending its three-day slide to nearly 24% after an initial post-IPO rally. The company also announced a senior unsecured notes offering, while Bloomberg reported that it is seeking to raise at least $20 billion in investment-grade debt to fund AI ambitions.

Chips offered some relief, with Micron rising nearly 7% ahead of Wednesday’s earnings, while AMD gained more than 2% and Intel added 5%.

Kevin Gordon, head of macro research and strategy at Schwab Center for Financial Research, also questioned on X the view that AI is automatically deflationary, noting that CPI software prices have “clearly broken out” over the past six months and increased at a “59% annualized pace.”

On geopolitics, oil fell after U.S.-Iran talks in Switzerland produced a roadmap toward a final deal within 60 days. Vice President JD Vance said the talks made “a lot of good progress” and had laid “a very good foundation for a successful final deal.”