Markets Continue Sideways Grind, No Game Changers at Apple WWDC
Today's financial recap and tomorrow's financial outlook.
Markets closed down today, led by the NASDAQ.
The S&P 500 closed down 0.7%, and the DJIA fell 0.5%. The NASDAQ lost 0.9%, as index leader Apple (AAPL) sagged 0.7%%.
The Labor Market Conditions Index Change for May came in at 1.3 up from -1.9 in April.
Oil prices fell today as China demand weakened, and as oversupply worries continue. Investors are looking towards June 30, when the Iran Nuclear Deal may allow Iranian oil to flood the market with crude.
US bond yields dropped slightly today.
On a relative basis, the the S&P Regional Banking ETF (KRE) and the S&P Biotech ETF (XBI) did well, managing to finish barely positve.
Precious metals also did well as gold prices rose 0.5%.
Transportation was the worst performing sector today despite the drop in oil prices.
Apple (AAPL) kicked off its 26th annual Worldwide Developers Conference today. While the opening announcement showcased some new features for its operating systems, there were no game changers.
Tobira Therapeutics (TRBA) soared 17.6% after it announced that it completed patient recruitment for its phase 2b study on liver fibrosis.
Ambarella (AMBA) continued its rally today, setting a new 52-week high of $111.88. Shares closed up 5.3% at $108.75 today.
European markets fell on Greece fears once again. The German DAX fell 1.18%, France's CAC 1.28%, and Spain's IBEX 35 1.31%.
Meanwhile, news reports indicate that Greece and its creditors may extend the existing bailout agreement until March of next year.
Asian markets were mixed. Japan's Nikkei lost 0.02%, while the Hong Kong Hang Seng Index rallied 0.21%. The big winner was the Shanghai Composite, which surged 2.17%.
Tuesday's Financial Outlook
Tomorrow's US economic data will include NFIB Small Business Optimism for May, Wholesale Inventories and Trade Sales for April, and JOLTS Job Openings for April.
Overseas economic data will feature Switzerland's Unemployment Rate and Consumer Price Index, Euro-Zone GDP, Japan's Machine Orders, and China's New Yuan Loans.
Tomorrow, Burlington Stores (BURL), HD Supply Holdings (HDS), Hovnavian (HOV), and Lululemon Athletica (LULU) will announce earnings before the open. After the close, Greif (GEF) will report.
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