The main indexes made modest moves to start the new week following last Friday's red-hot reaction to the May jobs report.
Market participants are now looking ahead to the May consumer price index (CPI) – due out ahead of the June 13 open – as the last big data point to be released before the next Fed meeting. But while price action for the major benchmarks was relatively quiet, volatility was seen elsewhere on Wall Street.
On Friday, all three benchmarks notched impressive gains on a mixed May jobs report and news that Congress passed the debt ceiling deal. Today, however, moves were more muted for the Dow Jones Industrial Average (-0.6% at 33,562), the S&P 500 (-0.2% at 4,273) and the Nasdaq Composite (-0.1% at 13,229).
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
U.S. crude futures climb, Bitcoin slumps
Still, there was plenty of volatility seen elsewhere on the Street. U.S. crude futures, for one, were up 4.6% at their session peak after Saudi Arabia said at a weekend meeting between the Organization of the Petroleum Exporting Countries and its allies (OPEC+) that it will cut its oil output by 1 million barrels per day in July. This follows a surprise production cut made by the cartel in April, which will be extended through the end of 2024, the group said Sunday.
Saudi Arabia "made the unilateral decision [to lower output] after OPEC+ countries that collectively account for half the world's oil supply failed to approve additional cartel-wide production limits, agreeing rather to honor previously announced cuts," says José Torres, senior economist at Interactive Brokers. "The new Saudi cuts are scheduled to kick in during July, which is the peak of the U.S. summer traveling season." Crude oil futures pared some of their earlier gains to end the day up 0.6% at $72.15 per barrel.
Meanwhile, Bitcoin slumped nearly 6% to $25,635 (Bitcoin markets don't close; price taken at 4 pm Eastern) after the Securities and Exchange Commission (SEC) filed 13 charges against cryptocurrency exchange Binance and its founder Changpeng Zhao, including one for securities fraud. Other cryptocurrencies fell today, too, including Ethereum (-5.1%) and Dogecoin (-8.6%), while crypto exchange stock Coinbase Global (COIN, -9.1%) also closed lower.
Apple stock pops, then drops on WWDC news
Another notable mover today was Apple (AAPL), which hit a new intraday high of $184.95, before closing the day down 0.8% at $179.58. Shares of the tech stock reacted to several headlines emerging from the company's Worldwide Developers Conference. As of this writing, AAPL unveiled operating systems updates for several of its products and said a FaceTime feature is coming to Apple TV. However, the most anticipated reveal from the blue chip stock was its new virtual/augmented reality headset, the Apple Vision Pro, which will go on sale early next year at a price of $3,499.
Meanwhile, Wedbush analyst Daniel Ives will also be looking for any artificial intelligence (AI) updates from the Dow stock. While many other tech giants have unveiled AI initiatives, Apple has been quiet, Ives says. "We believe this is about to change as we are expecting Cook & Co. to discuss Apple's AI strategy looking ahead and how the company can integrate and ultimately monetize its customer base around future generative AI coming from Cupertino," the analyst says.
Related Content
-
Are COVID Shots Still Covered By Medicare?Getting the new COVID-19 vaccine covered by Medicare isn't as easy this year as it was in the past. Here's what you need to know before you take a trip to your pharmacy.
-
How Digital Platforms Are Changing the Way You Invest in GoldInvesting in gold is easier than ever thanks to digital platforms. Learn how online tools are lowering costs, increasing transparency and making gold accessible to all investors.
-
S&P 500 Hits New High After Oracle Earnings: Stock Market TodayAnother down day for Apple held the Dow Jones Industrial Average back, though.
-
Stocks Grind Up to New All-Time Highs: Stock Market TodayUnitedHealth stock led the Dow Jones Industrial Average amid increasing signs the labor market has not been well for months.
-
Markets Prepare for August Inflation Data: Stock Market TodayApple CEO Tim Cook is still important, but price action this week is as much about incoming inflation data ahead of next week's Fed meeting.
-
Big Tech Names Rise Above Broad Weakness: Stock Market TodaySome familiar names enjoyed solid rallies on the resolution of outstanding questions, but macro uncertainty hangs over the broader market.
-
If You'd Put $1,000 Into Sherwin-Williams Stock 20 Years Ago, Here's What You'd Have TodaySherwin-Williams stock has clobbered the broader market by a wide margin for a long time.
-
If You'd Put $1,000 Into UnitedHealth Group Stock 20 Years Ago, Here's What You'd Have TodayUNH stock was a massive market beater for ages — until it wasn't.
-
Tech Sells Off While Trump Stirs the Fed: Stock Market TodayWe've reached another important part of earnings season, though markets remain captivated by the president, the Fed, and interest rate policy.
-
Dow Retreats From a Record High: Stock Market TodayQuietly rising since April, Home Depot stock was conspicuously constructive Tuesday as high-profile tech names dragged equity indexes down.
