This content was published on
June 9, 2026 - 16:51
3 minutes
(Bloomberg) — A rotation that has seen investors bail from richly priced technology names in favor of more economically sensitive industries resumed, dragging down the S&P 500 while lifting the majority of its companies.While the rebound in tech shares lost steam on Tuesday, about 350 companies in the US equity benchmark advanced. US crude fell below $90 amid hopes the US and Iran are getting closer to a deal to end the war that has rattled global markets. The drop in oil eased concerns about higher energy costs that would fuel inflation, driving Treasury yields lower.Friday’s equity selloff raised questions about the roadmap into summer, specifically around potential profit-taking and rotation, according to Bret Kenwell at eToro.“As much as we love to see tech’s leadership, it would be constructive to see this rally broaden out to other sectors,” he said. “When leadership is concentrated in one corner of tech, the market’s foundation gets a little wobblier.”Meantime, President Donald Trump renewed his claims of momentum toward ending the conflict with Iran, after brokering a halt to hostilities between Israel and the Islamic Republic and easing tensions that had threatened to derail broader peace talks.“We’re in the final throes of what will be a very, very good deal,” Trump told reporters in New York. “We could have at least an idea one or two days from now.”Corporate Highlights:Apple Inc. said it isn’t able to launch Siri AI, its redesigned digital assistant, on iPhones, Apple Watches or iPads in the European Union, marking the company’s latest standoff with the continent’s antitrust watchdog. Jelly and coffee maker JM Smucker Co. posted fourth-quarter profits that beat Wall Street expectations as higher prices helped boost the packaged food company. Stellantis NV is recalling more than 1 million Jeep vehicles in the US over an electrical issue that could result in a fire, saying that owners should park outside and away from other cars until the problem is fixed. GSK Plc agreed to buy Nuvalent Inc. for $10.6 billion, securing a US biotech firm developing treatments for lung cancer as part of the British pharmaceutical company’s effort to rebuild its oncology franchise. Vail Resorts Inc. cut its net income guidance for the full year, attributing the reduction to “historically challenging” weather conditions in the western US. Some of the main moves in markets:StocksThe S&P 500 fell 0.6% as of 10:50 a.m. New York time The Nasdaq 100 fell 1.2% The Dow Jones Industrial Average fell 0.2% The Stoxx Europe 600 was little changed The MSCI World Index fell 0.4% Philadelphia Stock Exchange Semiconductor Index fell 2.5% Bloomberg Magnificent 7 Total Return Index fell 1% The Russell 2000 Index rose 0.2% CurrenciesThe Bloomberg Dollar Spot Index fell 0.2% The euro rose 0.2% to $1.1562 The British pound rose 0.4% to $1.3396 The Japanese yen was little changed at 160.23 per dollar CryptocurrenciesBitcoin fell 3.6% to $61,156.25 Ether fell 3.2% to $1,635.83 BondsThe yield on 10-year Treasuries declined two basis points to 4.54% Germany’s 10-year yield was little changed at 3.05% Britain’s 10-year yield declined three basis points to 4.91% CommoditiesWest Texas Intermediate crude fell 3.5% to $88.07 a barrel Spot gold fell 1% to $4,285.93 an ounce ©2026 Bloomberg L.P.
