The Nasdaq is set for another hammering, after Monday saw Big Tech players take a hit<\/a> as SpaceX (SPCX<\/a>) notched its third day of losses in a row<\/a>. Shares in Elon Musk’s space company fluctuated before the bell, threatening to push below $2 trillion<\/a> in market value.<\/p>\n Piling on the pressure, a sell-off in memory chip giants SK Hynix (000660.KS<\/a>) and Samsung Electronics (005930.KS<\/a>, SSNLF<\/a>) in South Korea underscored growing questions about overstretched AI valuations. Both saw their shares sink over 12%<\/a>, to drag the benchmark Kospi stock index to a 10% loss.<\/p>\n The rout turns up the focus on Micron (MU<\/a>) earnings due for release on Wednesday, watched for a read on how strong the demand for memory remains. Shares in the chipmaker dropped 10% in premarket, after surging to a record close<\/a> on Monday.<\/p>\n Meanwhile, ongoing peace and nuclear negotiations between the US and Iran showed signs of progress<\/a>. Brent (BZ=F<\/a>) and WTI (CL=F<\/a>) crude futures traded broadly flat after the US issued a 60-day waiver on oil sanctions on its adversary.<\/p>\n On Tuesday, FedEx (FDX<\/a>) and Cerebras Systems (CBRS<\/a>) will report earnings. Cerebras Systems’ results will be the AI chip company’s first since going public in May.<\/p>\n LIVE 7 updates<\/p>\n Walmart (WMT<\/a>) has signed an agreement to buy nuclear power from Constellation Energy (CEG<\/a>), the two companies announced Tuesday morning<\/a>, marking the big box retailer’s first purchase of nuclear energy.<\/p>\n Shares in Constellation shed roughly 3.1% in premarket trading on Tuesday, while Walmart picked up roughly 1%.<\/p>\n Constellation, the largest US supplier of nuclear energy, will sell Walmart 176 megawatts of power from its Dresden nuclear plant, including 30 MW of new capacity.<\/p>\n The deal will see Walmart purchase energy and capacity through two 15-year terms beginning in 2029 and 2030, the companies announced Tuesday. The 176 MW of power will be enough to power a “high-tech” perishable distribution center under construction in Belvidere, Illinois, Walmart said.<\/p>\n “Walmart’s commitment enables meaningful investment in the Dresden Clean Energy Center \u2014 bolstering reliability, sustaining local jobs and economic activity, and putting more dependable, emissions-free energy onto the Illinois power grid,” said Jim McHugh, senior executive vice president and chief commercial officer at Constellation.<\/p>\n SpaceX stock searches for gains after massive post-IPO rout <\/p>\n SpaceX (SPCX<\/a>) turned slightly higher in premarket trading on Monday after falling 16% the day before.<\/p>\n At its current level of around $156 per share, Elon Musk\u2019s company has retained its $2 trillion valuation, bucking a broader sell-off in tech stocks.<\/p>\n As the stock settles in less than a week from its IPO, those who invested in the company right when it went public have seen nearly all their gains erased.<\/p>\n Stock futures barely budge as Trump says Strait of Hormuz is ‘OPEN’ <\/p>\n Dow Jones Industrial Average futures slightly recovered after President Trump posted on Truth Social that US talks with Iran were \u201cgoing well.\u201d But stocks were still on track for an open well into the red.<\/p>\n However, the two sides offered mixed messaging on major concessions. Trump stated that Iran has agreed to the \u201chighest level Nuclear inspections,\u201d but that came just hours after an Iranian spokesperson Esmail Baghaei said that Iran had not given that concession, which Trump called \u201cFake News.\u201d<\/p>\n Oil prices remained generally unchanged from the day before, with Brent trading around $78 per barrel and WTI crude trading around $74, as Trump said the Strait of Hormuz was open. Though he acknowledged the military could quickly close it again.<\/p>\n \u201cI have agreed to allow the Hormuz Strait to remain OPEN, with no further Naval Blockade,\u201d Trump also stated. \u201cHowever, all ships are remaining in place should it be necessary to reinstitute the Blockade, which seems, at this point, highly unlikely.\u201d<\/p>\n According to the New York Times, 39 vessels passed through the Strait of Hormuz on Monday, which puts traffic through the strait at its busiest levels since the war began.<\/p>\n SpaceX rout set to push its market value below $2 trillion <\/p>\n SpaceX (SPCX<\/a>) shares extended declines in premarket trading, a day after the company saw the second-largest single-session drop in market value on record.<\/p>\n Bloomberg reports:<\/p>\n The stock fell as much as 5% to about $147, below its first-day opening price of $150 and putting the Elon Musk-led rocket, satellite and artificial intelligence company on track to slip below $2 trillion in market capitalization. The decline came as a sell-off in technology stocks dragged Nasdaq 100 futures (NQ=F<\/a>) lower.<\/p>\n After falling for three straight sessions, SpaceX has shed more than $600 billion in value. Monday alone erased about $400 billion, marking the second-largest one-day loss on record after Nvidia’s (NVDA<\/a>) roughly $590 billion plunge last year.<\/p>\n Read more here<\/a>.<\/p>\n Korea’s Kospi tanks 10% to lead tech-fuelled Asia rout <\/p>\n South Korea\u2019s Kospi Composite (^KS11<\/a>) index in Seoul collapsed 10% on Tuesday in an Asian stock market rout that followed a tech-led sell-off on Wall Street.<\/p>\n The sell-off came as investors again question a long-running AI-fuelled boom, while oil extended losses amid optimism for US-Iran peace talks.<\/p>\n From AFP:<\/p>\n Tech firms — the main driver of a surge across world markets as investors pile into all things AI — took a painful hit in Asia.<\/p>\n South Korean chip giants SK Hynix (000660.KS<\/a>) and Samsung Electronics (005930.KS<\/a>, SSNLF<\/a>) tumbled more than 12 percent each to drag the Kospi index down 10%, after it finished Monday at a record high.<\/p>\n “The scale of the decline \u2026 appears excessive. More importantly, the sell-off could signal that investors are beginning a broader process of reducing their positions. In other words, there may still be considerable selling pressure waiting in the wings,\u201d Joo Won, head of the economic research division at Hyundai Research Institute, told AFP.<\/p>\n Read more here<\/a>.<\/p>\n Bloomberg reports:<\/p>\n Oil steadied after falling more than 3% in the previous session following early progress in peace talks over the Iran war, which included a US waiver allowing some sales from the Islamic Republic.<\/p>\n Brent (BZ=F<\/a>) crude traded near $78 a barrel after the biggest decline in almost a week on Monday, while West Texas Intermediate (CL=F<\/a>) was above $74. The 60-day license permits the sale of some Iranian oil and petroleum products, citing “productive talks” in Switzerland, offering Tehran a crucial economic lifeline.<\/p>\n US and Iranian officials both cited progress in the first round of talks toward a lasting agreement to end the conflict that started at the end of February, but some discrepancies have emerged. Vice President JD Vance said Iran agreed to allow nuclear inspectors into the country, a claim disputed by Tehran.<\/p>\n The waiver permits almost anyone to purchase and pay for Iranian oil, including US refineries, although some might be unwilling to take on the risk. Supply from the Persian Gulf has ticked up recently, with producers such as Kuwait and the United Arab Emirates finding workarounds to get energy out. Iran has also shipped more more than 30 million barrels over the past week.<\/p>\n![\"Jake](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/06\/1782219851_37_dims.jpeg\")
Walmart signs first nuclear power deal with Constellation Energy <\/p>\n