Nasdaq, S&P 500 Shed Gains Despite New 2023 Highs

The Dow fell triple digits as new banking regulations are being considered

Jake Scott

Deputy Editor

Jun 5, 2023 at 4:25 PM

The Nasdaq and S&P 500 pared earlier gains today, pulling back alongside Apple (AAPL). Prior to the reversal, both indexes touched 10-month highs. This big tech giant's WWDC event is underway, but the stock experienced a midday dip that put pressure on the broader tech sector. The Dow (DJI) shed roughly 200 points, as the banking sector struggled amid potential capital requirements being considered by U.S. regulators.

Continue reading for more on today's market, including:

Signal says bet on this casino stock.
Read this before Ciena reports earnings.
Plus, two stocks at record highs, and a downgraded discount retailer.

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nysejune5

5 Things to Know Today

The U.S. Securities and Exchange Commission (SEC) is suing Binance, sending Bitcoin (BTC) to their lowest levels since March. (CNBC)
General Motors (GM) revealed plans to invest more than $1 billion in two of its plants that will produce "next-generation" internal combustion engines (ICE). (Bloomberg)
Global tailwinds lift steel stock.
Bull note pushes tech stock to record high.
Dollar General stock burnt by bear note.

There were no notable earnings reports today.

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Gold, Oil Score Daily Wins

Oil ended Monday at its highest level since May 26, with July-dated crude adding 41 cents, or 0.6%, to close at $72.15 per barrel on the day. This comes after Saudi Arabia yesterday agreed to cut oil production by 1 million barrels per day next month.

Gold futures also finished higher, after the ISM services index reading tampered fears of another interest rate hike. August-dated gold tacked on $4.70, or 0.2%, to close at $1,974.30 an ounce for the day.

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