Markets: News  

U.S. stocks closed lower on Monday, failing to extend robust gains from last week, as technology shares pull back from 2023 highs. The Dow Jones Industrial Average fell about 200 points on Monday, or 0.6%, ending near 33,562, according to preliminary FactSet data. That was near the session's low. The S&P 500 index shed 0.2%, giving up earlier gains needed to qualify as having exited bear-market territory. The Nasdaq Composite Index ended 0.1% down. Recent gains have largely come from a small group of technology shares, which have powered the overall stock market higher. Among the group is Apple Inc., (AAPL) which saw shares briefly touch a new intraday trading record on Monday. It lost its grip, however, on those gains in roughly the last hour of trade, ending the session down 1.1%, according to FactSet. With a blackout period in force for Federal Reserve staff, investors remain focused on economic data to help gauge whether the central bank will skip a rate hike at is June 13-14 meeting next week, or give more time for its 500 basis points of rate increases more time to filter through the economy.

-Joy Wiltermuth

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(END) Dow Jones Newswires

June 05, 2023 16:06 ET (20:06 GMT)

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