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Stock market today: Dow ends lower as Apple cuts gains after unveiling new headset


Investing.com -- The Dow closed lower Monday, as Apple's jump to an intraday day record high faded after the tech giant unveiled its new mixed-reality headset.

The Dow Jones Industrial Average was down 0.6%, or 199 points lower, the Nasdaq fell 0.1%, and the S&P 500 was down 0.2%.

Apple (NASDAQ:AAPL) gave up gains after hitting an intraday record as the tech giant unveiled its new mixed reality, or Apple Vision Pro, headset starting $3,499 with deliveries expected in early 2024.

Apple also revealed a new a 15-inch Macbook and expanded its chip lineup with higher-end M2 ultra chip completing the transition away from intel chips.

“We believe initial shipments given the high price points are expected to be roughly 150k units for Year 1 based on recent Asia supply chain checks,” Wedbush said in a recent note.

Big tech was also pushed higher by a 1% jump in Alphabet Inc (NASDAQ:GOOGL), with Amazon.com Inc (NASDAQ:AMZN) and Microsoft Corporation (NASDAQ:MSFT) also in the green.

Energy struggled to hold onto gains, however, after oil prices gave up some gains as concerns about the demand outlook persist despite Saudi Arabia’s decision to slash production by another 1 million barrels per day.

About nine OPEC+ countries also agreed to extend production cuts through December 2024, from December 2023 previously.

“It is important to put these OPEC+ decisions in the context of sentiment and positioning, which remain very weak and short,” Goldman Sachs said in a note.

In other news, Palo Alto Networks (NASDAQ:PANW) gained more than 4% as the software company is set to replace Dish Network (NASDAQ:DISH) in the S&P 500 from June 20.

Target Corporation (NYSE:TGT), meanwhile, fell more than 2% after Keybanc downgraded the retailer to Sector-weight from Overweight on worries about consumer headwinds ahead.

On the economic front, U.S. services activity unexpectedly fell in May, stoking further optimism that the Fed will skip lifting rates later this month.

"Some slowing in these [services] measures leaves the Fed in a good position to end the rate hike cycle at the upcoming meeting, but they will want to see more progress before backing away from hawkish guidance on future policy moves," Jefferies said in a note.

In crypto news, the SEC filed a lawsuit against crypto platform Binance and CEO Changpeng Zhao for alleged securities law violations.

Coinbase Global Inc (NASDAQ:COIN) fell 9%, Riot Platforms (NASDAQ:RIOT) and Marathon Digital Holdings Inc (NASDAQ:MARA) were down more than 8%.

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