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Wall Street dips

Monday, June 05, 2017 - 01:28

A drop in Apple shares was partly offset by gains in energy and financial stocks. Fred Katayama reports.

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Investors resilient despite yet another terrorist attack. Stocks were steady, edging lower as Apple dragged down the indexes. Kevin Caron of Washington Crossing Advisor explains why the markets shrugged off the attacks in London. SOUNDBITE: KEVIN CARON, PORTFOLIO MANAGER, WASHINGTON CROSSING ADVISORS, (ENGLISH) SAYING: "We've had so much good data for so long. If you look at where the unemployment rate is, that's come tremendously down. If you look at where earnings forecasts are, those turned around about this time last year, and of course the equity markets are sitting near highs. So I think investors are now just a bit complacent and looking for what happens next." Helping boost the Nasdaq and S&P 500: Alphabet. Google's parent crosses the $1,000 mark, just one session after Amazon did likewise. Apple weighed on all three big indexes. Pacific Crest downgraded the iPhone maker's shares to "sector weight" from "overweight". Apple at its developers conference Monday said it'll sell a new "homepod" home pseaker that'll feature the voice-activated assistant, Siri. It also said it would make Amazon Prime Video available on Apple devices. Amazon shares rose. Shares of Herbalife dropped after the nutritional supplements maker said it expects sales to fall more than 6 percent due to its transition to new FTC rules in the U.S. Materials and telecom stocks pulled the markets slightly lower in Europe. German markets were closed for a national holiday.

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Wall Street dips

Monday, June 05, 2017 - 01:28