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TECH, CHIPMAKERS LEAD EARLY LOSSES ON WALL STREET

The S&P 500 and the Nasdaq .IXIC were down in early trading, with the latter off more than 1% as chipmakers and other technology stocks led the decline.

Shares of Elon Musk's SpaceX SPCX.O, which began trading on Nasdaq on June 12 in the largest-ever initial public offering, moved between losses and gains in the early going. The company had lost more than $600 billion in market value in the past three sessions.

Technology .SPLRCT is down more than 2% and is leading declines among major S&P 500 .SPX sectors, while semiconductors .SOX are about 6% lower.

The weaker U.S. stocks opening is following declines in overseas markets, with European shares .STOXX last down 0.4%.

Investors are continuing to monitor developments in talks between the United States and Iran. U.S. President Donald Trump said Iran had agreed to nuclear inspections into "infinity," but Iran denied it had begun discussions on its nuclear program at the talks.

Traders are bracing for a more hawkish Federal Reserve and the prospect of interest rate hikes later this year, while worries about continued heavy AI spending by companies despite stretched valuations.

Here is the early market snapshot:

(Caroline Valetkevitch)

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EARLIER ON LIVE MARKETS:

CRUISIN FOR A BRUISIN: STOCKS SET FOR TECH-DRIVEN SELLOFF CLICK HERE

DISREGARD EUROPEAN CHEMICALS' Q2 EARNINGS BEATS CLICK HERE

HEDGE FUNDS BLINK FIRST IN CROWDED AI TRADE CLICK HERE

IS THE EURO ZONE INFLATION SCARE OVER? CLICK HERE

DRINKS AND DRUGS OFFER SHELTER AS STOXX DROPS 1% CLICK HERE

BEFORE THE BELL: TECH SELLOFF TO DRAG EUROPE LOWER CLICK HERE

YEN ZOOMS INTO TROUBLE CLICK HERE