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US stocks were under pressure Monday, penalized by the decline in the technology sector. The tech stocks fell on Monday, terrorized by fears that regulators will once again attack industry giants such as Apple, Alphabet and Facebook. The Nasdaq was the weakest sector and it has now lost 10% of its peak in corrected territory.
The sectors were mixed, the technological shares weighing on the broader index. The materials resisted the trend. Gold producers performed best, as gold prices rose due to continued concerns about global economic growth. Dow Dupont was the best performing stock in the industry after a stock split. If the Trump administration imposes a 5% tariff on Mexico this weekend, markets will begin to apply prices in anticipation of the expected decline in growth in the United States.
Technological actions tumble
The shares started the day unchanged, then dropped to the bottom of the session around noon, indicating that the Federal Trade Commission could take legal action on behalf of potential antitrust technology giants like Facebook, who slipped technological actions. Facebook slipped nearly 8%, Amazon.com nearly 5% and Alphabet nearly 7% to erase its gains of the year.
Bond yields collapse
The 10-year US rate collapsed on Monday and continues to predict a recession. The yield curve is inverted by almost 25 basis points with the yield of the 3-month trill at the 10-year treasure. German bond yields fell after the resignation of Chancellor Angela Merkel's young partner, compounding the uncertainty surrounding the Berlin government.
United States
In the United States, ISM manufacturing was weaker than expected, reaching the lowest level seen in more than two years. The ISM manufacturing index fell to 52.1 in May from 53 as expected. The main detractors were deliveries to suppliers, which dropped 2.6 percentage points to 52, and stocks, which fell 2 points to 50.9. Construction spending also disappointed, with a result unchanged from the forecast of a 0.4% growth in April.
Apple Developer Conference describes security
Apple announced Monday that its next mobile operating system, iOS 13, coming out this fall, will include an Apple connection feature allowing users to connect to apps without revealing any personal information. He added that the system was producing an automatically generated random email address provided by Apple. This seems to be the main security feature discussed at the conference.
Dow Dupont Split
Three years after the initial idea, Dow, DuPont and Corteva are now three separate companies. Corteva, who was officially separated Monday, declined Monday. Its shares are trading at 8%. The stock ticker DD, which, like the former name of the company resulting from the merger, is no more than Dupont, has increased by 14.6%.
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