Utilities, materials and industrials leading decliners
U.S. stocks closed lower on Monday, 05 June 2017, slightly below record levels, as investors grappled with a variety of geopolitical issues, such as terrorist attacks in London ahead of the U.K. election and the scheduled public testimony of fired Federal Bureau of Investigation Director James Comey.
The Dow Jones Industrial Average fell 22.25 points, or 0.1%, to 21,184.04. The Nasdaq Composite Index closed down 10.11 points, or 0.2%, to 6,295.68, after inching up to an intraday record of 6,310.62 in early trading. The S&P 500 declined 2.97 points, or 0.1%, to finish at 2,436.10.
Seven of the 11 sectors finishing lower, with utilities, materials and industrials leading decliners. Dow was led lower by shares of Apple and United Technologies.
This week will deliver testimony by former FBI head Comey, as well as the U.K. general election, and a European Central Bank meeting. Separately, the recent terror attack in the U.K. could amplify concerns, while a rift among Gulf states, which led to a rise in crude-oil prices, could further dent sentiment.
U.S. economic data released Monday were mixed, with a government report showing that the productivity of American companies and their employees was unchanged in the first three months of this year, instead of declining at a 0.6% annual rate.
The Institute for Supply Management said its nonmanufacturing index fell 0.6 points to 56.9% in May, while the Commerce Department reported that factory orders dipped 0.2% in April.
Bullion prices ended higher at Comex on Monday, 05 June 2017 at Comex. Gold prices scored a second-straight session of gains on Monday, holding ground at a six-week high as global markets absorbed weekend terrorist attacks in London and investors awaited the outcome of the European Central Bank meeting and U.K. general election later this week.
August gold rose $2.50, or 0.2%, to settle at $1,282.70 an ounce. July silver rose 5.6 cents, or 0.3%, to $17.581 an ounce.
Crude oil prices finished lower on Monday, 05 June 2017 at Nymex as Saudi Arabia and three other countries cut ties with Qatar, raising uncertainty about Middle East oil production. Saudi Arabia, Egypt, Bahrain, and the United Arab Emirates all severed diplomatic ties with Doha on Monday, accusing it of meddling in their internal affairs and backing terrorism, which the country denies.
On the New York Mercantile Exchange, July West Texas Intermediate crude fell 26 cents, or 0.6%, to settle at $47.40 a barrel. August Brent crude on London's ICE Futures exchange slipped 48 cents, or 1%, to $49.47 a barrel. The settlements for both benchmark crudes were the lowest in just under a month.
U.S. Treasuries settled modestly lower across the board with the benchmark 10-yr yield climbing two basis points to 2.18%. Meanwhile, the U.S. Dollar Index added 0.2% with the greenback adding 0.2% and 0.1%, respectively, against the euro and the Japanese yen.
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