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U.S. stocks fell yesterday led by a slide in technology shares one session after an upbeat May jobs report bolstered expectations for higher interest rates later this year and as investors fretted about Greece.
The S&P 500 dropped 0.5% to 2082 the Dow Jones fell 0.3% to 17797 while the tech-heavy Nasdaq 100 fell 0.9% to 4437.66.
This comes after upbeat jobs data released Friday raised concerns that an interest-rate hike this autumn is a possibility. The rate-setting Federal Open Market Committee meets June 16-17.
Greece's bailout program also weighed on markets as it expires at the end of June and the country faces potential default on its debts.
Greek officials met on Monday with EU Economics Commissioner Pierre Moscovici on what reforms Greece must implement to get new loans but there was no new proposal from Athens that its creditors could agree to an EU official said.
Wall Street round-up
Sears Holdings (NASDAQ:SHLD) sank 4.7% to C$38.81 after the department store operator reported a smaller quarterly loss and said it plans to raise $2.6 billion from the spinoff of 235 stores into a real estate investment trust (REIT).
McDonald’s (NYSE:MCD) fluctuated between gains and losses as the world’s largest hamburger chain said a key sales metric slid a steeper-than-expected 2.2% in its core U.S. business in May though world-wide sales edged in above expectations.
Deutsche Bank (NYSE:DB) rose 5.2% to US$32.22 after following the appointment of John Cryan as co-CEO effective July 1. Cryan replaces long-time executive Anshu Jain. Co-CEO Juergen Fitschen will remain in his position until next May after which Cryan will become sole CEO.
Stifel Financial (NYSE:SF) gained 1.1% to US$57.65 after announcing it will acquire Barclay's Wealth and Investment Management Americas. The unit employs about 180 financial advisors and manages roughly US$56 billion in assets.
LendingClub (NYSE:LC) sagged 7.1% to US$17.41 after an upgrade to "overweight" at Pacific Crest citing stable pricing trends and higher confidence in consumer conversion. The US$23 price target is nearly 23% higher than Friday's closing price.
Apple (NASDAQ:AAPL) announced its new music streaming service on Monday dubbed Apple Music entering a hotly competitive market but offering a product that comes with tremendous strengths. Shares were trading at US$128.00 down 0.5%.
Vail Resorts (NYSE:MTN) sank 0.4% to US$105.86. The holding company said earnings rose 13 percent in its latest quarter as higher lift revenue offset challenging conditions in and Utah. But results fell short of analysts’ expectations.
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