Key things
- U.S. stocks fell on Monday, June 26, 2023, opening the final week of the second quarter in the negative as technology shares fell.
- Tesla shares fell in the fourth downgrade of the stock in four days.
- Shares in oil companies rose along with the price of oil.
U.S. stocks started the final week of the second quarter lower, dragged down by a slump in tech stocks. The Nasdaq fell more than 1%.
All FAAMG stocks were lower. Tesla shares (TSLA) fell as Goldman Sachs became the fourth company in the past four days to downgrade its stock. The recent excitement is over artificial intelligence (AI) cooled somewhat, with Nvidia shares (NVDA) and Advanced Micro Devices (AMD) sliding.
Carnival Corporation (CCL) shares fell as the current outlook for the quarter came in below expectations. The news dragged down shares of rival Norwegian Cruise Line Holdings (NCLH) and Royal Caribbean Cruises (RCL). Pfizer (PFE) announced it was halting development of an oral treatment for obesity and diabetes, and its shares fell.
Oil futures gained as concerns over Russian supplies eased as a possible military uprising against Moscow was averted. That boosted shares of Chevron (CVX), Exxon Mobil (XOM), and other producers as well as oilfield service providers.
An upgrade from UBS lifted shares of Moderna (MRNA). Welltower (WELL) stock rose as Raymond James raised its price target on the stock.
Gold prices rose. The yield on the 10-year government bond fell. The US dollar lost ground against the euro, pound and yen. Most major cryptocurrencies are trading in negative territory.