by Noel Randewich and Shristi Achar A
(Reuters) – The New York Stock Exchange ended lower on Monday as investors appeared to question the Federal Reserve’s continued U.S. monetary policy tightening, while the world’s largest Apple company hit a record low before ending a decline.
The Dow Jones index fell 0.59% or 199.9 points to 33,562.86 points.
The broader S&P-500 fell 8.62 points, or 0.20%, to 4,273.75.
The Nasdaq Composite fell by 11.34 points (-0.09%) to 13,229.43 points.
The S&P 500 closed at a nine-month low on Friday and the Nasdaq hit a fresh one-year high after news of subdued May U.S. wage growth fueled the scenario of a break in the cycle with Fed rate hikes next week.
This outlook, but also the prospect of a worsening of the economic situation, was reinforced on Monday by the monthly survey from the Institute for Supply Management (ISM) showing a slowdown in the growth of activity in the service sector in the United States. a drop in new orders and a target for input prices at a three-year low.
In individual values, the Apple stock reached an all-time high in the session of nearly $185 for a market value of about $2.850 billion. However, it erased its gains and ended down (-0.76%) as the global developer conference organized by the Californian group progressed, where Apple notably presented a new mixed reality headset at $3,499, more than three times more expensive than the most expensive unit sold by Meta in the same category.
Other digital giants, on the other hand, shone, such as Alphabet (+ 1.08%) or Tesla (+ 1.7%), whose sales in China of electric cars overall in this country increased in May.
Like JPMorgan (-0.98%) , some major US banks suffered under the prospect, mentioned by the Wall Street Journal, of a tightening of capital rules following the bankruptcy of several large institutions in March.
Oil tankers Chevron (-0.48%) and Exxon Mobil (-0.44%) failed to benefit from higher crude prices after Saudi Arabia announced a one-million-barrel-per-day cut in oil production in July.
(Written by Sruthi Shankar and Shristi Achar A in Bangalore and Noel Randewich in Oakland, French version Bertrand Boucey)
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