Wall Street fell today, led by a slide in technology shares, one session after an upbeat May jobs report bolstered expectations for higher interest rates later this year, and as investors fretted about Greece.
The S&P 500 (INDEXSP:.INX) dropped 0.5 percent to 2,082 at 3:46 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) fell 0.3 percent to 17,797, while the tech-heavy Nasdaq 100 (INDEXNASDAQ:NDX) skidded 0.9 percent to 4,437.66.
Today’s retreat comes after upbeat jobs data released Friday raised concerns that an interest-rate hike this autumn is a possibility. The rate-setting Federal Open Market Committee meets June 16-17.
Greece's bailout program also weighed on markets as it expires at the end of June and the country faces potential default on its debts.
Greek officials met on Monday with EU Economics Commissioner Pierre Moscovici on what reforms Greece must implement to get new loans, but there was no new proposal from Athens that its creditors could agree to, an EU official said.
MOVERS:
Sears Holdings (NASDAQ:SHLD) sank 4.7 percent to C$38.81 after the department store operator reported a smaller quarterly loss and said it plans to raise $2.6 billion from the spinoff of 235 stores into a real estate investment trust (REIT).
McDonald’s (NYSE:MCD) fluctuated between gains and losses as the world’s largest hamburger chain said a key sales metric slid a steeper-than-expected 2.2 percent in its core U.S. business in May, though world-wide sales edged in above expectations.
Deutsche Bank (NYSE:DB) rose 5.2 percent to $32.22 after following the appointment of John Cryan as co-CEO, effective July 1. Cryan replaces long-time executive Anshu Jain. Co-CEO Juergen Fitschen will remain in his position until next May, after which Cryan will become sole CEO.
Stifel Financial (NYSE:SF) gained 1.1 percent to $57.65 after announcing it will acquire Barclay's Wealth and Investment Management, Americas. The unit employs about 180 financial advisors and manages roughly $56 billion in assets.
LendingClub (NYSE:LC) sagged 7.1 percent to $17.41 after an upgrade to "overweight" at Pacific Crest, citing stable pricing trends and higher confidence in consumer conversion. The $23 price target is nearly 23 percent higher than Friday's closing price.
Apple (NASDAQ:AAPL) announced its new music streaming service on Monday, dubbed Apple Music, entering a hotly competitive market but offering a product that comes with tremendous strengths. Shares were trading at $128.00, down 0.5 percent.
Vail Resorts (NYSE:MTN) sank 0.4 percent to $105.86. The holding company said earnings rose 13 percent in its latest quarter, as higher lift revenue offset challenging conditions in Tahoe and Utah. But results fell short of analysts’ expectations.
COMMODITIES:
Gold for August delivery on Comex gained 0.5 percent to $1,173 an ounce.
On the New York Mercantile Exchange, July crude settled at $58.14 a barrel, down 1.7 percent.
OTHER MARKETS:
European stocks fell today as a heavy selloff over the past week showed little sign of abating. The Stoxx Europe 600 slid steadily throughout the session and closed 0.9 percent lower.
Stocks in Japan fell on rising expectations for a U.S. interest-rate hike, while the Shanghai Composite Index hit its highest level in more than seven years.