Dow Jones Industrial Average Surrenders 2015 Lead

Dow Gives Up 2015 Lead; Apple Buzz Dominates Headlines

by Josh Selway

Published on Jun 8, 2015 at 4:27 PM

Without much in the way of economic data, the Dow Jones Industrial Average (DJIA) spent another session in the red, ultimately giving up its year-to-date gains. Likewise, the Nasdaq Composite (COMP) and S&P 500 Index (SPX) fared no better, with tech stocks and airlines among the notable decliners. Much of the day's attention was directed toward the Group of Seven (G-7) meetings in Germany, and Apple Inc.'s (NASDAQ:AAPL) Worldwide Developers Conference (WWDC). 

 

Continue reading for more on today's market, including:

 

 

The Dow Jones Industrial Average (DJIA - 17,766.55) spent almost the entire session in the red -- giving back all of its 2015 gains in the process -- to end with an 83-point, or 0.5%, loss. Seven of the Dow's 30 components finished higher, led by Exxon Mobil Corporation's (NYSE:XOM) 0.7% advance. The biggest loser was Intel Corporation (NASDAQ:INTC), which gave back 1.7%. 

 

The S&P 500 Index (SPX - 2,079.28) fell 13.6 points, or 0.7%, while the tech-heavy Nasdaq Composite (COMP - 5,021.63) was even worse off, losing 46.8 points, or 0.9%. 

 

The CBOE Volatility Index (VIX - 15.29) added 1.1 point, or 7.6%, to close above its 200-day moving average for the first time since early April. What's more, it was the "fear gauge's" first close north of 15 since May 7.

 

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5 Items on Our Radar Today:

 

  1. At a G-7 meeting earlier today, leaders from several countries -- including the United States -- not only urged Greece to accept bailout terms, but also promised to lower the use of carbon fuels. The effort is meant to combat climate change, as leaders plan to do away with fossil fuels by the end of the century. (Reuters)
  2. At AAPL's WWDC today, the company made several announcements. The tech heavyweight introduced new software, improvements to the Apple Watch and iPad, and a new streaming music service, Apple Music, among other things. (CNN Money)
  3. Traders applauded this company's front-office makeover
  4. McDonald's Corporation's (NYSE:MCD) latest monthly figures failed to move the needle. 
  5. Why it doesn't do much good to talk about all the "uncertainty" in the market

 

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Commodities:

 

Crude oil went lower to start the week, hit by disappointing import data from China. At the close, July-dated crude was down 99 cents, or 1.7%, at $58.14 per barrel. 

 

Gold, on the other hand, was able to snap its recent losing streak. August-dated futures added $5.50, or 0.5%, to finish at $1,173.60 per ounce. 

 

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