US stocks retreat from multi-month peaks
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The Dow Jones Industrial Average dropped 0.6 per cent to 33,562.86.
PHOTO: AFP
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NEW YORK - Wall Street stocks dipped Monday, pulling back a bit from multi-month highs reached last week after the United States avoided a catastrophic debt default.
Analysts cited profit taking as a factor in the market after last week’s congressional agreement to suspend the US debt ceiling and avert a default sparked a rally.
The Dow Jones Industrial Average dropped 0.6 per cent to 33,562.86.
The broad-based S&P 500 shed 0.2 per cent to 4,273.79, while the tech-rich Nasdaq Composite Index declined 0.1 per cent to 13,229.43.
Stocks on Friday were also supported by solid US labor data.
But a key economic indicator released Monday – a survey reflecting services industry activity in May – showed the slowest growth since December.
“The majority of respondents indicate that business conditions are currently stable; however, there are concerns relative to the slowing economy,” said Anthony Nieves of the Institute for Supply Management.
Among individual companies, Apple shed 0.8 per cent after unveiling its first-ever virtual reality headset. The headset will focus on gaming, streaming video and conferencing, as well as health and fitness.
The release puts Apple on a collision course with Facebook owner Meta, which had taken a head start on doubling down on virtual worlds, sometimes referred to as the metaverse.
3M fell 4.4 per cent, giving back much of the gains from the prior session. A trial involving the industrial giant’s alleged water pollution due to “forever chemicals” was pushed back to give parties an opportunity to settle.
Such a settlement could involve a large 3M payout, but would remove a key uncertainty around the company. AFP
