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US close: Dow Jones gives back some of prior week's gains

By Iain Gilbert

Date: Monday 27 Jun 2022

US close: Dow Jones gives back some of prior week's gains

(Sharecast News) - Major indices closed lower on Monday following a banner week that saw the blue-chip Dow Jones register more than 800 points in gains.
At the close, the Dow Jones Industrial Average was down 0.20% at 31,438.26, while the S&P 500 was 0.30% softer at 3,900.11 and the Nasdaq Composite saw out the session 0.72% weaker at 11,524.55.

The Dow closed 62.42 points lower on Monday, taking a bite out of solid gains recorded throughout the preceding week.

Stocks headed south on Monday as investors remained keenly focussed on whether US stocks have now reached their bottom or if markets were simply rebounding from oversold conditions ahead of the end of the second quarter.

The bond market was also in focus on Monday, with the yield on the benchmark 10-year Treasury note trading a little more than seven basis points higher at 3.210%.

On the macro front, orders in the US for goods made to last more than three years rose more quickly than expected last month. According to the Department of Commerce, in seasonally adjusted terms, durable goods orders grew at a month-on-month clip of 0.7% in May (consensus: 0.1%).

April's gain, on the other hand, was revised down by one-tenth of a percentage point to show a rise of 0.4%. Excluding orders from the transportation sector, which are often volatile from one month to the next, May's tally for durable goods orders also beat forecasts, rising by 0.7% (consensus: 0.4%).

Elsewhere, US pending home sales rose 0.7% in May, according to the National Association of Realtors, snapping a six-month run of declines but were still 13.6% weaker year-on-year.

On the corporate front, Spirit Airlines was in focus after Frontier Airlines sweetened its offer for the company by $2.00 to $4.13 in cash, while Nike reported earnings of $0.90 per share for the fourth and final quarter of its trading year as revenues dipped 1% year-on-year to $12.2bn and gross margins contracted 80 basis points to 45%.

Coinbase shares closed 10.76% lower after Goldman Sachs reportedly cut its rating on the shares to 'sell' from 'buy'.



Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Unitedhealth Group Inc. (UNH) $505.66 2.02%
Chevron Corp. (CVX) $147.57 1.93%
Merck & Co. Inc. (MRK) $94.41 1.37%
Walgreens Boots Alliance, Inc. (WBA) $42.19 1.30%
Caterpillar Inc. (CAT) $187.59 1.13%
International Business Machines Corporation (CDI) (IBM) $142.80 0.52%
Travelers Company Inc. (TRV) $167.49 0.46%
Walmart Inc. (WMT) $124.12 0.32%
Intel Corp. (INTC) $38.63 0.05%
Verizon Communications Inc. (VZ) $50.96 0.00%

Dow Jones - Fallers

Salesforce.Com Inc. (CRM) $181.37 -2.48%
Nike Inc. (NKE) $110.50 -2.13%
Boeing Co. (BA) $138.72 -1.99%
Dow Chemical Co. (DOW) $52.22 -1.73%
American Express Co. (AXP) $144.29 -1.27%
Walt Disney Co. (DIS) $96.61 -1.20%
3M Co. (MMM) $132.80 -1.14%
Microsoft Corp. (MSFT) $264.89 -1.05%
Visa Inc. (V) $203.56 -0.95%
JP Morgan Chase & Co. (JPM) $116.38 -0.80%

S&P 500 - Risers

Valero Energy Corp. (VLO) $112.24 8.00%
Devon Energy Corp. (DVN) $57.79 7.48%
HF Sinclair Corporation (DINO) $46.35 6.58%
FMC Technologies Inc. (FTI) $6.66 5.22%
Hess Corp. (HES) $106.96 5.18%
Marathon Oil Corp. (MRO) $23.12 4.85%
Mosaic Company (MOS) $48.74 4.57%
Nektar Therapeutics (NKTR) $4.20 4.22%
CF Industries Holdings Inc. (CF) $86.82 4.20%
Halliburton Co. (HAL) $32.23 4.14%

S&P 500 - Fallers

Kohls Corp. (KSS) $37.68 -4.00%
Macy's Inc. (M) $20.20 -3.63%
Electronic Arts Inc. (EA) $125.60 -3.53%
Autodesk Inc. (ADSK) $185.87 -3.43%
Royal Caribbean Cr (RCL) $40.33 -3.42%
Best Buy Co. Inc. (BBY) $72.15 -3.41%
United Airlines Holdings Inc (UAL) $37.20 -3.40%
Align Technology Inc. (ALGN) $250.17 -3.32%
Take-Two Interactive Software Inc. (TTWO) $129.21 -3.30%
Intuit Inc. (INTU) $404.72 -3.09%

Nasdaq 100 - Risers

Trip.com Group Limited (TCOM) $24.57 3.89%
Baidu Inc. (BIDU) $155.24 2.58%
JD.com, Inc. (JD) $65.62 2.52%
NetEase Inc. Ads (NTES) $95.88 2.44%
QUALCOMM Inc. (QCOM) $127.18 1.66%
Liberty Global plc Series A (LBTYA) $22.43 1.59%
Walgreens Boots Alliance, Inc. (WBA) $42.19 1.30%
Liberty Global plc Series C (LBTYK) $23.47 1.29%
Sirius XM Holdings Inc (SIRI) $6.26 1.13%
Western Digital Corp. (WDC) $47.58 1.08%

Nasdaq 100 - Fallers

Qurate Retail Inc. (QRTEA) $3.23 -5.28%
Electronic Arts Inc. (EA) $125.60 -3.53%
Autodesk Inc. (ADSK) $185.87 -3.43%
Align Technology Inc. (ALGN) $250.17 -3.32%
Take-Two Interactive Software Inc. (TTWO) $129.21 -3.30%
Intuit Inc. (INTU) $404.72 -3.09%
Mercadolibre Inc. (MELI) $717.31 -3.00%
eBay Inc. (EBAY) $44.38 -2.82%
Amazon.Com Inc. (AMZN) $113.22 -2.78%
Workday, Inc. (WDAY) $148.05 -2.63%

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