Apple-led tech selloff sinks the Nasdaq 0.97% as a value rotation lifts the Dow and Russell
S&P 500 close: 7,386.65 (-0.26%) Nasdaq: 25,678.82 (-0.97%) | Dow: 50,872.11 (+0.17%) | Russell 2000: 2,867.02 (+0.41%) Sentiment: mixed
The S&P 500 closed at 7,386.65 on 9 June 2026, down 0.26%, as a mega-cap technology selloff pulled the Nasdaq down 0.97% even as nine of eleven sectors finished higher. Apple AAPL.US fell 3.64% to a one-month low after its WWDC keynote set no launch date for the delayed Siri AI overhaul, the heaviest single weight on both tech indexes. A late-session headline that President Trump floated renewed strikes on Iran sent the S&P down as much as 2.3% intraday and pushed the VIX to 23.34 before a recovery trimmed the loss into the bell.
What drove the move
Two forces ran against each other, which is why the cap-weighted index barely moved while the Nasdaq fell hard.
- Technology (XLK -1.85%) did the damage, led by AAPL.US -3.64%, PLTR.US -3.22%, AMD.US -3.02%, TSLA.US -3.00% and MSFT.US -2.02%. At roughly 31% of the S&P, the sector alone subtracted about 55 bps from the index and was the dominant Nasdaq drag.
- Energy (XLE -1.61%) was the only other red sector, tracking WTI crude down 2.85% to $88.70 a barrel. That added another 5 bps of drag.
- A broad rotation offset most of it: the other nine sectors closed green, led by Real Estate +2.13% and Utilities +1.06% as the 10-year Treasury yield slipped to 4.53%, with Materials +1.62%, Health Care +1.26%, Staples +1.24%, Industrials +1.13% and Financials +0.94% behind them. That breadth added roughly 35 bps back.
Technology and energy subtracted about 60 bps; the nine green sectors handed back about 35, leaving the S&P down 26 bps. The Nasdaq carries close to twice the tech weight and none of the value ballast, so it fell 0.97%, while the value-heavy Dow (+0.17%) and small-cap Russell 2000 (+0.41%) closed green.
Session highlights
- AAPL.US -3.64% drew a split verdict on its WWDC AI reveal: Barclays held Underweight at $253 calling the updates incremental, Wedbush stayed Outperform at $400.
- AAOI.US -17.17% led an optical-infrastructure selloff on a research note flagging co-packaged-optics delays, pulling POET.US -12.30%, COHR.US -11.44% and HIMX.US -10.13% down with it.
- IONQ.US -9.73%, RGTI.US -9.53% and QBTS.US -8.94% sold off in sympathy across quantum computing.
- VIX 19.87 (+5.02%) closed elevated after touching 23.34 intraday, the spike that hit as the Iran-strike headline crossed and the S&P briefly traded 2.3% lower.
Sector scorecard
- Best: Real Estate (XLRE) +2.13%
- Worst: Technology (XLK) -1.85%
- Dispersion (best minus worst): 3.98 pts
- Nine of eleven sectors closed green; only Technology and Energy (-1.61%) finished lower, a value-over-growth split.
Top movers
| Ticker | Move | Reason |
|---|---|---|
| NUVL.US | +39.28% | GSK to buy Nuvalent for $10.6B cash, near $124 a share, a 40% premium |
| ALHC.US | +25.08% | Alignment Healthcare confirmed all members in 4-Star or higher 2026 Medicare Advantage plans |
| CECO.US | +18.52% | Closed the Thermon deal and raised 2026 guidance to about 20% revenue growth |
| DKNG.US | +11.34% | Predictions volume hit $1.3B annualized in May, up 24% month on month |
| SJM.US | +10.44% | Fiscal Q4 EPS $2.77 beat the $2.66 consensus; adjusted EPS up 20% |
| AAOI.US | -17.17% | Optical group sold off on a note warning of co-packaged-optics delays |
| UEC.US | -15.54% | Uranium Energy posted a $0.11 quarterly loss against a $0.03 expected loss |
| PRIM.US | -15.40% | No confirmed fresh catalyst; the renewables cost-overrun overhang from the Q1 miss persists |
| RDW.US | -15.19% | Space name slid on persistent losses and heavy insider selling |
| AXTI.US | -13.68% | Fell with the optical group as a supplier of indium-phosphide substrates to photonics |
Notable announcements
- NUVL.US +39.28%: GSK agreed to acquire Nuvalent for $10.6 billion in cash, its biggest deal in more than a decade, at roughly $124 a share.
- SJM.US +10.44%: J.M. Smucker beat on fiscal Q4 earnings ($2.77 versus $2.66) and guided fiscal 2027 adjusted EPS to a $9.75 to $10.25 range.
- CECO.US +18.52%: CECO Environmental closed its Thermon acquisition and lifted its 2026 outlook, citing about $40 million of targeted cost synergies.
- UEC.US -15.54%: Uranium Energy missed on its quarterly loss, the steepest decliner among the day's earnings reports.
After the bell
No mega-cap reported after Tuesday's close, and the after-hours tape was quiet (the S&P 500 eased another 0.13% in extended trade). EchoStar SATS.US edged up on a narrow beat and Bloom Energy BE.US rose 2.38%. The marquee report lands Wednesday: Oracle ORCL.US, which fell 2.84% to $205.81 ahead of the print, posts fiscal Q4 after the close, with the Street modeling around 20% revenue growth and watching whether OCI cloud bookings hold up against heavy capital spending.
Next session catalysts (ET)
- Wed, after close Oracle ORCL.US fiscal Q4 results, the week's most-watched AI-infrastructure read.
- Wed 08:30 weekly jobless claims and any follow-through from the Iran headline that drove Tuesday's intraday plunge and recovery.
- Ongoing the optical and quantum baskets after Tuesday's double-digit drops; the 10-year yield at 4.53% after easing on the safety bid.
- Through Friday the rotation question: whether value and small caps keep outrunning mega-cap tech.
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