The Prime Daily: 23 June 2026

Authored By Prime Research | Published at: Jun 23, 2026 09:13 AM IST

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Tech Stocks Drag Nasdaq

U.S. stocks closed mixed Monday as a sharp selloff in mega-cap technology weighed on the Nasdaq, which fell 1.3%, while the S&P 500 shed 0.43%. The Dow eked out a modest gain, supported by defensive blue-chips.

Alphabet led the tech decline, dropping roughly 5% its worst single-day performance in over a year with Amazon and Meta also under pressure.

SpaceX fell 16% to $154.60, for a third straight day of losses following its historic debut. The company is seeking to raise at least $20 billion in bonds, amplifying the selloff, stoking investor concern over its capital needs and debt refinancing plans.

Chipmakers bucked the trend. Micron rose nearly 7% ahead of earnings, lifted by a new deal with Anthropic, while Intel gained on confirmation of a long-rumoured Apple partnership.

Crude oil dropped roughly 3%, with Nymex trading near $74 down nearly $20 from recent highs after the U.S. and Iran signed a 14-point memorandum of understanding, easing fears of supply disruption. Improved traffic through the Strait of Hormuz added to the decline, though shipping activity remains below pre-war averages. Jet fuel spot prices plummeted to $2.85 a gallon from $4.88, a windfall that will save U.S. airlines a collective $40 billion.

The 10-year Treasury yield climbed above 4.5% as investors weighed the geopolitical thaw against expectations of a hawkish Fed under Chair Kevin Warsh.

Nifty resumed its upward trajectory after a brief one-session pause, advancing 89 points to close at 24,102.

Despite supportive cues from softer crude prices, a stable dollar, and an overall risk-on environment, the rupee came under pressure, weakening by 36 paise to settle at 94.68, as renewed dollar demand from importers and bargain buying weighed on the currency.

The index failed to breach the previous swing high resistance at 24,190, which continues to act as a key near-term hurdle. A sustained move above this level could pave the way for further upside towards the 200 DEMA, placed around 24,450.

On the downside, the 23,900–24,000 zone is expected to provide immediate support and cushion against near-term corrective moves.

Indian markets are set to open on a cautious note amid global risk-off cues and firmer bond yields.

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