Wall Street Mixed as SpaceX Slides, US Clears Path for Iranian Oil

US stocks closed mixed on Monday, 22 June 2026, the first session after Friday's Juneteenth market holiday, as declines in Big Tech and a third straight drop in the newly listed SpaceX pulled the S&P 500 and Nasdaq lower while the Dow held higher. 

The moves landed as oil eased after the US Treasury cleared a 60-day path for Iranian crude and as UK Prime Minister Keir Starmer said he would resign.

Moreover, three threads now frame the week: a more hawkish Federal Reserve, a fragile US-Iran de-escalation, and a Labour leadership contest in London.

Here's what traders may want to know about the week ahead:

TL;DR

• The S&P 500 fell 0.37% to 7,472.79, and the Nasdaq declined 1.32% to 26,166.60 on Monday, while the Dow rose 0.29%, helped by Caterpillar.

• SpaceX fell about 16%, a third straight decline, after confirming its first bond sale, and now sits about 14% above its 12 June IPO price, roughly 31% below its record high.

• The US Treasury issued a temporary 60-day general licence for Iranian oil, expiring 21 August, tied to Iran's commitments on the Strait of Hormuz.

• Brent settled near $77.90 on Monday and edged up to $78.18 early Tuesday, while gold steadied near $4,190 per ounce.

• Keir Starmer said he would resign as UK Labour leader; a new leader is due before parliament returns in September, with Andy Burnham the frontrunner.

• Markets have turned to a more hawkish Fed, with May PCE and the final Q1 GDP estimate due on Thursday.

Wall Street Closes Mixed as Big Tech Eases

US stocks ended Monday, 22 June, mixed. The S&P 500 fell 0.37% to close at 7,472.79, and the tech-heavy Nasdaq Composite declined 1.32% to 26,166.60, while the Dow Jones Industrial Average rose 0.29%, helped by a gain of nearly 4% in Caterpillar. The small-cap Russell 2000 rose about 0.8% to 3,004.40, closing above the 3,000 level for the first time.

The drag came from the largest technology names. Alphabet fell about 5%, its weakest session in more than a year, on concerns over artificial intelligence talent departures, leading the sell-off across the megacap technology shares. Amazon eased 4.8%, Meta declined 2.3%, and Microsoft fell 3% amid concerns over rising spending on artificial intelligence. Chipmakers ran the other way, with Micron firmer ahead of its quarterly results scheduled for Wednesday, 24 June. (Source: CNBC)

SpaceX Extends Its Post-IPO Pullback

The standout mover was SpaceX. The stock fell about 16% on Monday, a third straight daily decline, after the company confirmed its first bond sale. Bloomberg reported that SpaceX was seeking to raise at least $20 billion, with proceeds earmarked to repay a bridge loan tied to its acquisition of xAI earlier this year.

The move follows a record debut. SpaceX began trading on 12 June at an IPO price of $135, in the largest IPO on record. On its first day, it briefly ranked among the most valuable US companies, surpassing Tesla in market value, and it climbed to a record high of $225.64 on 16 June before the pullback began. Even after three down days, the shares remain about 14% above the IPO price and roughly 31% below that peak. (Source: Bloomberg)

Starmer to Resign, and UK Markets Take it in Their Stride

In the UK, Prime Minister Keir Starmer said on Monday that he would resign as leader of the Labour Party, having informed the King that morning. The move followed Andy Burnham's win in the Makerfield by-election, which shifted the political calculus over the weekend. Starmer asked the party to open leadership nominations on 9 July and to close them by the summer recess on 16 July, with a new leader to be chosen by 1 September if the race is contested, in time for parliament's return that month, and he will remain Prime Minister until the process concludes. Burnham, the former Greater Manchester mayor, sworn in as an MP on Monday, has confirmed he will run and is seen as the frontrunner.

The market response was measured, with much of the news already priced in. The domestically focused FTSE 250 fell about 0.7%, and the FTSE 100 slipped to a one-week low in early trade before paring its decline as European markets advanced more broadly. Sterling eased about 0.2% against the dollar to around $1.3207, and the 10-year gilt yield held near 4.85%.

Oil Steadies After the US Clears a Path for Iranian Crude

Crude has been choppy as traders weigh the durability of the de-escalation in the Middle East. Prices eased on Monday after the US Treasury issued a temporary 60-day general licence authorising the production, delivery and sale of Iranian oil, a measure that expires on 21 August. The licence is tied to Iran's commitment to free transit through the Strait of Hormuz and to readmit International Atomic Energy Agency inspectors, part of a memorandum of understanding reached in Switzerland. Brent crude for August settled lower at $77.90 a barrel on Monday.

By early Tuesday, oil had edged higher again. Brent for August rose 0.36% to $78.18 a barrel, and US West Texas Intermediate added 0.45% to $74.19, as traders showed cautious optimism about an end to the conflict. The picture remains unsettled, with the status of the Strait of Hormuz still uncertain and some traders mindful that Iran could direct oil revenue toward rebuilding its military. In metals, gold steadied near $4,190 per ounce on Monday, recovering about 0.9% after a three-session decline the week before, with gains capped by the prospect of higher US interest rates.

The Rates Backdrop and What traders May Want to Watch

The moves are landing against a more hawkish policy setting. The Federal Reserve left its target range unchanged at 3.50% to 3.75% on 17 June, in Kevin Warsh's first meeting as chair, but the tone shifted, and nine of the 18 policymakers who submitted projections now expect at least one rate increase this year. Both Deutsche Bank and BofA Global Research reversed course this week to forecast a rate increase as soon as September, with BofA projecting three hikes in 2026 and Deutsche Bank two.

The near-term calendar is light but potentially high-impact. FedEx reports after the close on Tuesday, and Micron follows on Wednesday, while May Personal Consumption Expenditures prices, the Fed's preferred inflation gauge, and the final estimate of first-quarter GDP are all due on Thursday. Beyond the data, traders may want to monitor the 60-day window on the US-Iran framework and the developing UK leadership contest.

Conclusion

The week has opened with several stories moving at once: a central bank that has turned its focus to inflation risk, an uneasy truce between Washington and Tehran, a record-breaking new listing still searching for a stable price, and a change of guard at the top of British politics. None of them points in a single direction, and each can shift on a headline. With May PCE, the final first-quarter GDP estimate and a run of earnings still to come, traders may want to keep a close eye on the calendar and on how these threads develop.

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