With concerns about the economic outlook continuing to weigh on the markets, stocks are seeing considerable weakness in late-day trading on Monday. The selling pressure comes as traders continue to digest last Friday's disappointing employment report.
The major averages have seen some further downside in recent trading, falling to new lows for the session. The Dow is down 57.10 points or 0.5 percent at 12,094.16, the Nasdaq is down 23.96 points or 0.9 percent at 2,708.82 and the S&P 500 is down 12.39 points or 1 percent at 1,287.77.
Amid a light day on the news front, the Labor Department's monthly employment report remains in focus, with the report showing weaker than expected May job growth as well as an unexpected uptick by the unemployment rate during the month.
The report, which came on the heels of a series of disappointing economic data, raised concerns about a soft patch for the economy and the possibility of a double-dip recession.
Additionally, with no major economic scheduled to be released today, the disappointing jobs data has remained fresh in traders' minds.
The economic calendar remains relatively light throughout the remainder of the week as well, although traders are likely to keep an eye on reports on weekly jobless claims, the U.S. trade deficit, and wholesale inventories.
In corporate news, shares of Apple (AAPL) have turned lower over the course of the trading as the iPod and iPhone maker kicks off its Worldwide Developers Conference in San Francisco.
Apple CEO Steve Jobs, who is on a medical leave of absence, received a standing ovation as he made an appearance at the conference's keynote address. Jobs unveiled the Apple's new iCloud service as the company looks to climb on to the "cloud computing" bandwagon.
Sector News
Most of the major sectors have moved to the downside over the course of the trading day, reflecting another session of broad based selling pressure.
Gold stocks have moved sharply lower, dragging the NYSE Arca Gold Bugs Index down by 2.9 percent. The weakness in the sector comes even though gold for August delivery has edged up by $1.70 to $1,544.10 an ounce.
Significant weakness is also visible among airline stocks, with the NYSE Arca Airline Index falling by 2.3 percent to its worst intraday level in over a month. The weakness among airline stocks comes after the International Air Transport Association reduced its 2011 profit outlook for the industry.
Oil service, banking, healthcare, and electronic storage stocks are also posting notable losses in late-day trading, with oil service stocks moving lower along with the price of crude oil.
Other Markets
In overseas trading, stock markets in the Asia-Pacific region ended mostly lower on Monday, although several markets in the region were closed for public holidays. Japan's Nikkei 225 Index fell by 1.2 percent, while Australia's All Ordinaries Index slid by 0.4 percent.
Meanwhile, the major European markets turned in a mixed performance on the day. While the U.K.'s FTSE 100 Index edged up by 0.1 percent, the French CAC 40 Index fell by 0.7 percent and the German DAX Index close down by 0.3 percent.
In the bond market, treasuries are seeing modest weakness on the day but have climbed off their lows for the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up 1.3 basis points at 3.01 percent.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.