Nasdaq and S&P 500 Slide as Fed Hawkishness and Capital Rotation Weigh on Tech

MacroPrice Action Impact 4

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Summary · why it matters

The Nasdaq and S&P 500 are sliding this week even as global markets rally, pressured by a hawkish Federal Reserve and a rotation out of richly valued technology stocks. The Fed removed its easing bias on June 16 and abandoned its last projected 2026 rate cut, with inflation at 4.2 percent making higher rates more likely. That disproportionately hurts the tech-heavy Nasdaq and S&P 500 because growth stocks are valued on future earnings that become less attractive when rates stay high. Meanwhile, capital is flowing into assets that were beaten down by the Iran conflict, pushing the STOXX 600 to an all-time high and Japan's Nikkei above 70,000 for the first time after a nearly 5 percent surge. SpaceX, trading as SPCX on Nasdaq, has also drawn attention after its June 12 IPO, briefly overtaking Amazon and pulling capital from existing Nasdaq positions.

Space Exploration Technologies Corp. Class A Common Stock ▼