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S&P 500 flat as Apple eases from record after developer conference gets underway
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Published Jun 06, 2023 02:28
© Reuters.
Investing.com -- The S&P 500 was flat Monday, as Apple gave up some gains after hitting an intraday record high as the tech giant got its developer conference underway.
The S&P 500 was flat, the Dow Jones Industrial Average was down 0.4%, or 120 points lower, and the Nasdaq gained 0.2%.
Apple (NASDAQ:AAPL) gave up some gains since hitting an intraday record, but remained supported ahead of an eagerly anticipated release of its new mixed reality, or Reality Pro, headset.
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 5% 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.
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 11%, Riot Platforms (NASDAQ:RIOT) was down 8% and Marathon Digital Holdings Inc (NASDAQ:MARA) slumped 9%.
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