Wall Street mixed as SpaceX plummets 16%

Wall Street experienced mixed results on Monday, with the Nasdaq tech index closing down 1.33% at 26,166 points. The decline was significantly influenced by a sharp 16.4% drop in shares of Elon Musk's aerospace and AI company, SpaceX.

SpaceX's stock continued its downward trend, following a more than 3% fall last week. The company announced it would issue its first debt offering to refinance, targeting qualified institutional investors with senior unsecured notes. Other major tech companies also saw notable decreases, with Alphabet down 5%, Amazon off 4.75%, Microsoft down 3%, and Meta losing 2%. Conversely, Micron's stock rose 6.8% ahead of its earnings report.

Market participants are closely watching for the May consumer price index report, a crucial indicator for the Federal Reserve. The Fed recently held interest rates steady between 3.5% and 3.75%. Additionally, progress in peace negotiations between the United States and Iran is being monitored, as both nations have agreed to form a committee to establish a roadmap for conflict resolution within sixty days.

In commodity markets, Texas Intermediate (WTI) crude oil fell 2.3% to $74.82 per barrel after the U.S. authorized the sale of Iranian-produced crude for sixty days. Gold prices dropped 0.89% to $4,208 per ounce, and silver lost 1.54% to $65.30 per ounce. The yield on ten-year Treasury bonds increased to 4.509%.