SpaceX and Alphabet Tumble, Dragging Down Nasdaq

Alexis Green· Host0:00

[upbeat music] Here's your closing bell brief for Monday, June twenty-second. I'm Alexis Green for the Wall Street Journal. US stocks were mixed today with tech shares dragging the NASDAQ down by one point three percent. SpaceX, which makes up about five percent of the index, dropped more than sixteen percent. And Alphabet, which makes up an even bigger portion, lost five percent after the tech giant said two key AI researchers were leaving the company. Meanwhile, the Dow gained about point three percent, and the S&P five hundred finished nearly point four percent lower. Oil prices retreated after the US cleared the way for Iran to sell oil in dollars, including to American buyers. The news added to earlier optimism around peace talks between the two countries. Among individual companies, shares of AbbVie advanced six percent after the pharmaceutical company agreed to buy Apogee Therapeutics for about ten point nine billion dollars. The biotech company's stock shot up forty-seven percent. Intel climbed more than five percent following news last week that Apple will partner with Intel to design and build chips in the US. Meanwhile, Micron shares climbed about seven percent amid a memory chip shortage that's driving Apple to raise prices. And shares of EasyJet rose nearly three percent after the budget airline rejected a third takeover bid from US investment firm Castle Lake. Heads up, an artificial intelligence tool helped us make this episode by creating summaries that were based on WSJ reporting and then reviewed and adapted