Tech Drags S&P 500 Lower as Small Caps Outperform; Oil Plunges 3%
· Market News · MarketsFN Team
Tech Selloff Weighs on S&P 500 While Russell 2000 Rides Housing Bill Momentum
US equities closed mixed Monday as tech weakness dragged the S&P 500 down 0.37% while small caps rallied on housing policy optimism. The session saw dramatic sector rotation with oil prices plunging 3% after Treasury authorized Iranian crude sales through August.
🇺🇸 US Session Overview
The Dow Jones bucked the trend with a 0.29% gain to 51,712.71 as industrials benefited from the Senate advancing legislation to curb private equity's single-family home purchases. Meanwhile, the Russell 2000 surged 0.83% to 3,004.39, its highest close since April, as regional banks and homebuilders rallied. Tech remained under pressure with the Nasdaq 100 slipping 0.19% to 30,347.08 as Alphabet led declines following high-profile AI team departures. The S&P 500 closed at 7,472.79 with energy stocks dragging as WTI crude sank 3.09% to $74.23.📅 Economic Calendar Highlights
Canada's inflation data surprised to the upside with May CPI jumping 1.0% MoM versus 0.7% expected, pushing the yearly core rate to 2.2%. The hot print sent the CAD initially higher before paring gains. CFTC data showed speculators increased gold net longs to 180.2K contracts despite today's 0.36% price drop. China kept its Loan Prime Rates unchanged at 3.00% (1Y) and 3.50% (5Y), as expected. Notably, EUR speculative positions flipped positive to 34.4K contracts after being net short last week.📋 Earnings Spotlight
Today's earnings calendar featured smaller caps including Fervo Energy (FRVO) and Outdoor Holding Co (POWW) reporting pre-market. Markets await Tuesday's results from FedEx and Nike for broader sentiment cues.💱 FX & Commodities
The dollar index gained traction with USD/CHF jumping 0.45% to 0.8085 while GBP/USD outperformed at 1.3251 (+0.37%). Gold extended its retreat to $4,209.10 as risk sentiment improved, while bitcoin climbed 1.86% to $64,413 amid renewed crypto inflows. Energy markets reeled from the Treasury's Iranian oil authorization with Brent crude falling 2.04% to $78.22. Natural gas bucked the trend, rising 1.11% to $3.27 on warmer weather forecasts.Asian markets open Tuesday with focus on Australia's RBA minutes and Japan's Jibun Bank PMIs. US session watchers await existing home sales and Fed's Barkin speech for housing market insights after today's policy-driven small cap rally.
🇺🇸 US Indices — Session Close
| Index | Price | Change | Change % |
|---|---|---|---|
| S&P 500 | 7,472.79 | ▼ -27.79 | ▼ -0.37% |
| Nasdaq 100 | 30,347.08 | ▼ -59.11 | ▼ -0.19% |
| Dow Jones | 51,712.71 | ▲ +148.01 | ▲ +0.29% |
| Russell 2000 | 3,004.39 | ▲ +24.62 | ▲ +0.83% |
💱 FX Majors
| Pair | Rate | Change % |
|---|---|---|
| EUR/USD | 1.1432 | ▼ -0.23% |
| GBP/USD | 1.3251 | ▲ +0.37% |
| USD/JPY | 161.59 | ▲ +0.19% |
| AUD/USD | 0.7003 | ▼ -0.14% |
| USD/CHF | 0.8085 | ▲ +0.45% |
🛢️ Commodities & Crypto
| Asset | Price (USD) | Change % |
|---|---|---|
| Gold (XAU/USD) | 4,209.10 | ▼ -0.36% |
| Silver (XAG/USD) | 65.28 | ▼ -1.47% |
| Crude Oil (WTI) | 74.23 | ▼ -3.09% |
| Brent Oil | 78.22 | ▼ -2.04% |
| Natural Gas | 3.27 | ▲ +1.11% |
| Bitcoin | 64,413.01 | ▲ +1.86% |
| Ethereum | 1,734.82 | ▲ +1.77% |
📋 Today's Earnings
| Ticker | Company | Timing | Market Cap |
|---|---|---|---|
| EBF | Ennis Inc | BMO | 517640000.0 |
| FRVO | Fervo Energy Co | BMO | 10690000000.0 |
| HAWK | HawkEye 360 Inc | BMO | 2069999999.9999998 |
| IVF | INVO Fertility Inc | BMO | 2490000.0 |
| POWW | Outdoor Holding Co | BMO | 259209999.99999997 |
📅 Economic Calendar
All times in UTC — Actual highlighted where available
| Time | Currency | Event | Imp. | Actual | Forecast | Previous |
|---|---|---|---|---|---|---|
| 01:00 | CNY | China Loan Prime Rate 5Y (Jun) | 🟡🟡 | 3.50% | 3.50% | 3.50% |
| 01:00 | CNY | PBoC Loan Prime Rate | 🟡🟡 | 3.00% | 3.00% | 3.00% |
| 12:30 | CAD | Core CPI (YoY) (May) | 🟡🟡 | 2.2% | 2.1% | |
| 12:30 | CAD | Core CPI (MoM) (May) | 🟡🟡 | 0.6% | 0.2% | |
| 12:30 | CAD | CPI (MoM) (May) | 🟡🟡 | 1.0% | 0.7% | 0.4% |
| 19:30 | GBP | CFTC GBP speculative net positions | 🟡🟡 | -71.6K | -64.2K | |
| 19:30 | USD | CFTC Crude Oil speculative net positions | 🟡🟡 | 124.5K | 130.3K | |
| 19:30 | USD | CFTC Gold speculative net positions | 🟡🟡 | 180.2K | 173.8K | |
| 19:30 | USD | CFTC Nasdaq 100 speculative net positions | 🟡🟡 | -8.9K | -1.3K | |
| 19:30 | USD | CFTC S&P 500 speculative net positions | 🟡🟡 | -194.0K | -205.6K | |
| 19:30 | AUD | CFTC AUD speculative net positions | 🟡🟡 | -4.1K | 18.2K | |
| 19:30 | BRL | CFTC BRL speculative net positions | 🟡🟡 | 41.0K | 43.8K | |
| 19:30 | JPY | CFTC JPY speculative net positions | 🟡🟡 | -150.1K | -145.8K | |
| 19:30 | EUR | CFTC EUR speculative net positions | 🟡🟡 | 34.4K | 13.9K | |
| 10:00 | EUR | ECB President Lagarde Speaks | 🟡🟡 | — | ||
| 11:00 | EUR | German Buba President Nagel Speaks | 🟡🟡 | — | ||
| 12:30 | EUR | ECB President Lagarde Speaks | 🟡🟡 | — | ||
| 13:00 | USD | Fed Waller Speaks | 🟡🟡 | — | ||
| 14:10 | EUR | ECB's Lane Speaks | 🟡🟡 | — | ||
| 15:15 | EUR | ECB President Lagarde Speaks | 🟡🟡 | — |
Report published: June 22, 2026 — 22:21 CET
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