U.S. equities gave up early gains as initial enthusiasm for Apple (AAPL) new mixed-reality headset faded, and a report showing the services industries grew at a slower pace than anticipated raised concerns about economic expansion.
Apple shares began the session trading at a record high ahead of the introduction of the VR Pro headset, which some had labeled the company’s most-important product since the iPhone. Shares ended the day down 0.76%. EPAM Systems (EPAM) shares plummeted after the engineering software firm slashed its guidance, saying customers have become “cautious” about spending. Shares of 3M (MMM) declined as a federal judge delayed the start of a trial involving so-called “forever chemicals” as the company and plaintiff, Stuart, Fla., work to negotiate a settlement.
Shares of Coinbase Global (COIN) sank after the Securities and Exchange Commission (SEC) charged rival crypto exchange Binance with mishandling funds and lying about its operations. MarketAxxess Holdings (MKTX) shares dropped as the electronic trading platform’s average daily trading volume fell in May.
Shares of General Motors (GM) lost ground as the automaker said it would spend more than $1 billion on factories that will produce a new line of heavy-duty pickup trucks. M&T Bank (MTB) was among the regional banks declining. Intel (INTC) shares fell 4.6%.
Tesla (TSLA) shares advanced as China reported sales of its electric vehicles made there skyrocketed 142% last month. Palo Alto Networks (PANW) shares jumped on word the cybersecurity firm would replace DISH Network Corporation (DISH) in the S&P 500.
Analyst upgrades lifted shares of both Ford (F) and Dominion Energy (D). Shares of DexCom (DXCM) gained as a report suggested that the diabetes monitoring devices market will “see incredible growth” by the end of the decade.
Oil futures were up but well off their highs for the day as Saudi Arabia announced additional output cuts. Gold prices gained. The yield on the 10-year Treasury note was little changed. The U.S. dollar rose versus the pound, but slid against the euro and yen. The Binance news sent prices for major cryptocurrencies sinking.