The Dow Jones Industrial Average closed at 51,999.67 on June 16, notching a 0.64% gain and its second consecutive all-time high. The other two major indices weren’t invited to the party.

The S&P 500 slipped 0.57% to 7,511.35, while the Nasdaq Composite dropped 1.15% to finish at 26,376.34.

Tech gets the cold shoulder

The divergence tells a clear story: investors are pulling money out of high-valuation technology and semiconductor stocks and parking it in the kind of cyclical, value-oriented companies that dominate the Dow.

Earlier in June, the Nasdaq suffered a 4.18% drop driven by weakness in chip stocks. The sector has faced persistent volatility throughout 2026, and Monday’s session was another chapter in what’s becoming a familiar pattern.

SpaceX provided one of the session’s more interesting subplots. The company surged on reports of a new deal with Cursor, propelling it to become the fifth-most valuable company in the US.

Geopolitics move oil, oil moves everything else

The catalyst behind much of this rotation traces back to geopolitics. A US-Iran peace agreement led to the reopening of the Strait of Hormuz, a chokepoint through which roughly a fifth of the world’s oil supply passes. The result was predictable: oil prices dropped.

For the S&P 500, which has a much heavier tech weighting than the Dow, the math works in reverse. When mega-cap tech names sell off, they drag the index down even if the majority of its components are doing fine. That’s exactly what happened Monday.

The Dow’s price-weighted methodology also plays a role here. Unlike the S&P 500, which weights by market capitalization, the Dow gives more influence to stocks with higher share prices regardless of total company size.

What this means for crypto investors

Bitcoin was trading in the $65,000 to $66,000 range during all of this, and crypto barely registered in the mainstream market commentary surrounding Monday’s session.

The Nasdaq dropped more than 1%, and Bitcoin didn’t follow it down in any dramatic fashion.

An orderly shift from growth to value tends to leave crypto largely unaffected, since the money is staying in markets, just moving between sectors. A disorderly sell-off, where investors rush to cash across the board, is a different animal entirely.