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marki bigjohnson
Jun 06, 2023 3:02AM ET
Weak product bad price
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Stock market today: Dow ends lower as Apple cuts gains after unveiling new headset
Published Jun 05, 2023 04:20PM ET
© Reuters.
Investing.com -- The Dow closed lower Monday, as Apple's jump to an intraday day record high faded after the tech giant unveiled its new mixed-reality headset.
The Dow Jones Industrial Average was down 0.6%, or 199 points lower, the Nasdaq fell 0.1%, and the S&P 500 was down 0.2%.
Apple (NASDAQ:AAPL) gave up gains after hitting an intraday record as the tech giant unveiled its new mixed reality, or Apple Vision Pro, headset starting $3,499 with deliveries expected in early 2024.
Apple also revealed a new a 15-inch Macbook and expanded its chip lineup with higher-end M2 ultra chip completing the transition away from intel chips.
“We believe initial shipments given the high price points are expected to be roughly 150k units for Year 1 based on recent Asia supply chain checks,” Wedbush said in a recent note.
Big tech was also pushed higher by a 1% jump in Alphabet Inc (NASDAQ:GOOGL), with Amazon.com Inc (NASDAQ:AMZN) and Microsoft Corporation (NASDAQ:MSFT) also in the green.
Energy struggled to hold onto gains, however, after oil prices gave up some gains as concerns about the demand outlook persist despite Saudi Arabia’s decision to slash production by another 1 million barrels per day.
About nine OPEC+ countries also agreed to extend production cuts through December 2024, from December 2023 previously.
“It is important to put these OPEC+ decisions in the context of sentiment and positioning, which remain very weak and short,” Goldman Sachs said in a note.
In other news, Palo Alto Networks (NASDAQ:PANW) gained more than 4% as the software company is set to replace Dish Network (NASDAQ:DISH) in the S&P 500 from June 20.
Target Corporation (NYSE:TGT), meanwhile, fell more than 2% after Keybanc downgraded the retailer to Sector-weight from Overweight on worries about consumer headwinds ahead.
On the economic front, U.S. services activity unexpectedly fell in May, stoking further optimism that the Fed will skip lifting rates later this month.
"Some slowing in these [services] measures leaves the Fed in a good position to end the rate hike cycle at the upcoming meeting, but they will want to see more progress before backing away from hawkish guidance on future policy moves," Jefferies said in a note.
In crypto news, the SEC filed a lawsuit against crypto platform Binance and CEO Changpeng Zhao for alleged securities law violations.
Coinbase Global Inc (NASDAQ:COIN) fell 9%, Riot Platforms (NASDAQ:RIOT) and Marathon Digital Holdings Inc (NASDAQ:MARA) were down more than 8%.
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Comments (8)
Brad Albright
Jun 06, 2023 3:02AM ET
Oh, you've tried it?
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ZS Beck
Jun 05, 2023 8:04PM ET
I can buy a diving glass for 50$, looks the same and I can see everything
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ZS Beck
Jun 05, 2023 8:04PM ET
Meant diving mask
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Michael C
Jun 05, 2023 7:08PM ET
market sentiments are do sensitive, no basis
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Dave Jones
Jun 05, 2023 6:27PM ET
That gentleman looks ill. Maybe brandons on the phone asking for a couple of trill...or one thousand million billion...you know...the THING!
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Brad Albright
Jun 05, 2023 6:27PM ET
Kids, this is your brain on drugs.
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Michael Byrne
Jun 05, 2023 5:44PM ET
$3499 for a headset - no thank you.
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Casador Del Oso
Jun 05, 2023 5:23PM ET
It looks like last week's core inflation numbers and jobs report are starting to sink in.
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Steven ML
Jun 05, 2023 4:44PM ET
Headsets bringing the market down. Imagine having high inflation, rate hikes, debt ceiling issues, a banking crisis and an ongoing war. Markets would tumble! Oh, wait....
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Ko Naing Lin
Jun 05, 2023 4:26PM ET
hello
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