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Markets Take Breather from Strong Friday Rally

Tuesday, June 06, 2023 11:35 AM | Baystreet via QuoteMedia

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Markets Take Breather from Strong Friday Rally

Stocks were near flat Tuesday as Wall Street digested a recent rally that led the S&P 500 to its highest level in nine months.

The Dow Jones Industrials dipped 1.09 points to 33,561.77.

The much-broader S&P 500 peeped higher 3.6 points to 4,277.39.

The tech-heavy NASDAQ index picked up 14.81 points to 13,244.24.

Consumer staples and health care stocks weighed on the S&P 500, with each sector losing 0.5%. Cisco Systems, McDonald's and UnitedHealth all dipped around 1.8% each, dragging the Dow.

Apple shares dipped 1% a day after the tech giant debuted its highly anticipated virtual reality headset as well as new software at its annual Worldwide Developer Conference on Monday. In the previous session, the stock hit an all-time high ahead of the announcement.

Coinbase dropped more than 15% after the Securities and Exchange Commission sued the crypto company. The SEC alleged Coinbase was acting as an unregistered broker and exchange. Bitcoin rose more than 1%.

Prices for the 10-year Treasury, sank, raising yields to 3.72% from Monday's 3.69%. Treasury prices and yields move in opposite directions.

Oil prices subtracted 64 cents to $71.51 U.S. a barrel.

Gold prices gained $3.20 to $1,977/50 U.S. an ounce.

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