After showing a lack of direction throughout much of the session, stocks ended Monday's trading modestly lower. The slightly lower close on the day partly offset the strength that was seen in the markets last week.
The major averages ended the day below the unchanged line but off their lows for the session. The Dow dipped 19.12 points or 0.1 percent to 15,335.28, the Nasdaq edged down 2.53 points or 0.1 percent to 3,496.43 and the S&P 500 slipped 1.18 points or 0.1 percent to 1,666.29.
The lackluster performance seen for most of the trading day came as traders were reluctant to make any significant moves amid a lack of major U.S. economic data.
Later in the week, trading is likely to be impacted by the release of key reports on new and existing home sales, weekly jobless claims, and durable goods orders.
Comments from Federal Reserve Chairman Ben Bernanke are also likely to be in focus later in the week, with the Fed chief due to testify before the Joint Economic Committee of Congress on Wednesday.
Bernanke's remarks could have a big impact on expectations regarding the Fed's plans to slow the pace of its asset purchase program.
Recent comments from some Fed officials have suggested that the central may taper its asset purchase program sooner than previously anticipated, although that has not stopped traders from continuing to buy stocks.
Profit taking likely contributed to today's modestly lower close, with the Dow and the S&P 500 giving back some ground after ending last Friday's trading at record closing highs.
Among individual stocks, shares of Yahoo (YHOO) ended the day modestly higher after the online media giant announced an agreement to acquire popular blogging service Tumblr for $1.1 billion, mostly in cash. Yahoo said Tumblr will be independently operated as a separate business.
Internet security company Websense (WBSN) moved sharply higher after agreeing to be acquired by private equity firm Vista Equity Partners for approximately $1 billion. The deal values Websense at $24.75 per share, a 29 percent premium to its closing price on Friday.
On the other hand, shares of QLogic (QLGC) came under pressure after the network infrastructure provider said Simon Biddiscombe has resigned his positions as president and chief executive officer in order to pursue other opportunities.
Sector News
Despite the lack of direction shown by the broader markets, gold stocks moved sharply higher over the course of the session. The NYSE Arca Gold Bugs Index surged up by 6 percent, bouncing well off its worst closing level in well over four years.
The rebound by gold stocks came amid a notable turnaround by the price of the precious metal, with gold for June delivery climbing $19.40 to $1,384.10 an ounce after hitting a low of $1,336.30 an ounce.
Steel and natural gas stocks also saw considerable strength, driving the NYSE Arca Steel Index and the NYSE Arca Natural Gas Index up by 1.6 percent and 1.7 percent, respectively.
Meanwhile, health insurance stocks came under pressure, resulting in a 1.2 percent drop by the Morgan Stanley Healthcare Payor Index. Centene (CNC) helped to lead the sector lower, falling by 2.6 percent.
Housing, airline, and telecom stocks also saw some weakness on the day, contributing to the lower close by the broader markets.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved notably higher during trading on Monday. Japan's Nikkei 225 Index advanced by 1.5 percent, while Hong Kong's Hang Seng Index surged up by 1.8 percent.
The major European markets also moved to the upside over the course of the trading day. While the German DAX Index ended the day up by 0.7 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both rose by 0.5 percent.
In the bond market, treasuries showed a lack of direction for much of the session before closing modestly lower. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged up by 1.6 basis points to 1.965 percent.
Looking Ahead
Amid another quiet day on the U.S. economic front, earnings news is likely to be in focus on Tuesday, with retail giants Home Depot (HD) and Best Buy (BBY) among the companies due to release their quarterly results before the start of trading.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.