Latest version: Jun 06, 2023, 02:39 AM IST
New York, United States (USA)
The broad-based S&P 500 fell 0.2 percent to 4,273.79, while the tech-heavy Nasdaq Composite Index fell 0.1 percent to 13,229.43.
Analysts cited profit-taking in markets as a factor after last week’s congressional agreement to suspend the US debt ceiling.
Wall Street stocks fell on Monday, retreating from multi-month highs last week after the U.S. avoided a catastrophic debt default.
Analysts cited profit-taking as a factor in markets after Congress’ deal last week to suspend the US debt ceiling and avoid a default.
The Dow Jones Industrial Average fell 0.6 percent to 33,562.86.
The broad-based S&P 500 fell 0.2 percent to 4,273.79, while the tech-heavy Nasdaq Composite Index fell 0.1 percent to 13,229.43.
Stocks on Friday were supported by solid US labor data.
But a key economic indicator released on Monday – a survey reflecting service industry activity in May – showed the slowest growth since December.
“Most respondents indicate that business conditions are currently stable; However, there are concerns related to the slowing economy,” said Anthony Nieves of the Institute for Supply Management.
Among individual companies, Apple fell 0.8 percent after unveiling its first virtual reality headset. The headset will focus on gaming, streaming video and conferencing as well as health and fitness.
The release put Apple on a collision course with Facebook owner Meta, which had begun a head-first dive into the virtual world, sometimes referred to as the Metaverse.
3M fell 4.4 percent, giving back much of the gains from the previous session. A trial involving the industrial giant’s alleged water pollution due to “perpetual chemicals” was postponed to give the parties a chance to settle.
Such a settlement could involve a large 3M payout, but would remove a key uncertainty surrounding the company.
(This story was not edited by News18 staff and appears from a syndicated news agency feed – AFP)
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