The DOW JONES lost 0.12% to 33,523 points, the S&P 500 fell 0.18% to 4,266 points and the NASDAQ 100 fell 0.37% to 13,182 points. Wall Street already closed lower yesterday, with the Dow down 0.59%, the S&P 500 down 0.20% and the NASDAQ down 0.09%. Opening after last week’s euphoria had evaporated into the weekend. The debt ceiling crisis.
“This Monday, the behavior of the US stock market, particularly its most representative index, the S&P 500, had an important technical component. It’s worth remembering that of the three main Wall Street indices, the S&P 500 is the only one.’ This continues in the bear market – the Dow Jones came out late last year and the Nasdaq Composite in May -‘ says Juan José Fernández – Figares, managing director of Link.
This Monday, the S&P 500 was momentarily above 4,292.4 points, a level that must be breached to enter the bull market as it would mean it has recovered 20% from the lows marked on Dec. 12 had. However, the index failed to hold this level and plummeted, dragging the rest of the market with it.
The session came as part of the Apple Worldwide Developers Conference, where the tech company unveiled Apple Vision Pro, a combination of mixed reality glasses and headphones that allow users to create virtual reality (VR) and augmented reality experiences (AR) can experience.
During the session, Apple shares hit all-time highs early in the session but ended up falling 0.76% in the stock market. The Apple conference also weighed on other tech companies, with Intel down more than 4% after Apple unveiled a new chip.
This is the first new product launch since the Apple Watch launched in 2015, and the company has heralded it as a new era.
Bank stocks fell on news that regulators are considering raising capital requirements for big banks. Goldman Sachs and Bank of America each lost about 0.6% on Monday, while Morgan Stanley fell 0.7% and shares in JPMorgan Chase nearly 1%. The SPDR S&P Bank ETF fell about 2.2%.
Another of the most salient news stories of the day is the US Securities and Exchange Commission (SEC) lawsuit against cryptocurrency platforms for operating in violation of a number of regulations in the country.
Yesterday, the SEC filed a total of 13 indictments against Binance and its founder Changpeng Zhao, accusing them of blatantly flouting U.S. stock exchange laws and making billions of dollars by putting their clients’ assets at “significant risk.” The U.S. Markets Authority also today sued crypto exchange Coinbase in federal court in New York, alleging that the company acted as an unregistered broker and requiring that the company be “permanently restricted and banned” from doing so.
Shares are down 15% after hitting 9% yesterday.
The positive note of the day is Gitlab, the It rocketed nearly 30% after losses came in smaller than expected in your first trimester. The software company posted an adjusted loss of 6 cents a share and revenue rose 45% to $126.9 million, while analysts had forecast a loss of 14 cents a share and revenue of $117.8 million.
JM Smucker is less enthusiastic with its fourth fiscal quarter close. The company posted adjusted earnings per share of $2.64 on sales of $2.23 billion. Analysts had forecast earnings per share of $2.41 on sales of $9.56 billion. However, JM Smucker’s full-year earnings guidance of $9.20 to $9.60 is below analyst estimates.
As for analyst ratings, McCormick improved earlier in the session after Bank of America insiders raised their rating on the stock two notches from underweight to buy. The Wall Street company cites easing volume pressures, calling the stock a “growth staple.”
On a macro level, the agenda for the days leading up to Thursday is very clear weekly unemployment claims. The Federal Reserve She remains vigilant on all released data until her meeting next week, which will take place between Tuesday and Wednesday.
“Although the general consensus is that the Fed will remain on track and not raise interest rates at its Federal Open Market Committee meeting next week, recent inflation readings show it is more reluctant to deliver lower-than-expected rates.” “And the strength that the labor market continues to show has fueled investor expectations that the central bank will hike rates again in July if nothing changes – futures give that move a 64% probability,” explains Fernández-Figares.
In other markets oil West Texas falls 2.19% ($70.57) and the Brent loses 1.98% ($76.41). He in turn Euro loses 0.12% ($1.0699), and the ounce of gold increases by 0.2% ($1,975).
Next to the US 10-year bond yield relaxes to 3.662% and the Bitcoins earns 0.72% ($25,730).