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Stocks lost ground Monday after marking their fifth week of losses Friday, led by weakness in the financials.
Major U.S. Indexes
he Dow Jones Industrial Average was down almost 40 points, led by JPMorgan [JPM 40.73 
-0.84 (-2.02%) ], Bank of America [BAC 11.0305 -0.2495 (-2.21%) ] and AmEx [AXP 48.61 -0.67 (-1.36%) ], after tumbling almost 100 points on Friday to finish lower for the fifth-consecutive week following a disappointing government jobs report.
-0.84 (-2.02%) ], Bank of America [BAC 11.0305 -0.2495 (-2.21%) ] and AmEx [AXP 48.61 -0.67 (-1.36%) ], after tumbling almost 100 points on Friday to finish lower for the fifth-consecutive week following a disappointing government jobs report. The S&P 500 slipped further near the bottom of some analysts' support level around 1,295. The tech-heavy Nasdaq was trading flat. The CBOE Volatility Index, widely considered the best gauge of fear in the market, gained slightly to trade above 18.
Both the Dow and S&P are down almost 3 percent in June. And if stocks close lower again this week, it will be the longest losing-streak in nine years.
Among key S&P sectors, telecom and financials declined, while materials and tech stocks gained.
Without any key economic data today, people are focusing on the Fed Beige book on Wednesday and the weekly jobless claims data on Thursday, said Doreen Mogavero, president and CEO of Mogavero Lee & company.
“The Fed has really done about all that it can do that we know of,” Mogavero said. “Sentiment has turned and that’s dangerous.”
Goldman Sachs dissected the reason behind the sluggish growth in a new report, saying growth will probably rebound in the second half of the year as commodity prices drop back and any Japan-related disruptions unwind.
But the disappointing jobs report does not change the outlook for the economy and chances of a tighter policy in 2011 is "certainly possible" by year-end, said Philadelphia Fed President Charles Plosser, a well-known inflation hawk who has a vote on policy this year.
Among banks, Wells Fargo [WFC 26.3246 -0.5354 (-1.99%) ] slipped after Rochdale downgraded the financial giant to "sell" from "neutral."
-0.5354 (-1.99%) ] slipped after Rochdale downgraded the financial giant to "sell" from "neutral." Meanwhile, Goldman Sachs [GS 134.58 -0.75 (-0.55%) ] could release documents to counter a Senate subcommittee report that said the bank misled clients about mortgage-linked securities, according to the Wall Street Journal. The banking giant faces probes by several government authorities into derivatives trades it executed in 2006 and 2007.
Investors will focus on Apple [AAPL 345.692 -0.75 (-0.55%) ] could release documents to counter a Senate subcommittee report that said the bank misled clients about mortgage-linked securities, according to the Wall Street Journal. The banking giant faces probes by several government authorities into derivatives trades it executed in 2006 and 2007. 
2.252 (+0.66%) ] as CEO Steve Jobs is expected to deliver the keynote speech at the company's developers conference in San Francisco. Jobs will present new versions of the company's Mac and mobile operating systems as well as introduce the much-anticipated iCloud.Also on the tech front, Sony [SNE 25.66
-0.72 (-2.73%) ] fell after news of a cyber-attack on its European website, extending recent losses made in the wake of earlier hacking incidents that resulted in data breaches. In addition, Nintendo [NTDOY 27.98 -0.32 (-1.13%) ] also said it suffered an attack on its network but that the hackers hadn't obtained customer data. Lowes [LOW 23.13 -0.27 (-1.15%) ] declined after JPMorgan cut its rating on the home-improvement chain to "neutral" from "overweight."
-0.27 (-1.15%) ] declined after JPMorgan cut its rating on the home-improvement chain to "neutral" from "overweight."Oil prices slipped with U.S. light, sweet crude [CLCV1 99.61 -0.61 (-0.61%) ] sliding below $100 a barrel and London Brent crude [LCOCV1 114.84 -1.00 (-0.86%) ] under $115 amid concern about demand ahead of a key OPEC meeting later this week.
-0.61 (-0.61%) ] sliding below $100 a barrel and London Brent crude [LCOCV1 114.84 -1.00 (-0.86%) ] under $115 amid concern about demand ahead of a key OPEC meeting later this week. While there are no major economic data, Fed chairman Ben Bernanke and Treasury secretary Tim Geithner are expected to address the International Monetary Conference in Atlanta. Dallas Fed President Richard Fisher is scheduled to give an update on monetary policy and financial stability at 5:30 pm ET.
In Europe, shares declined for a fourth-straight session after a new bailout package for Greece failed to calm worries over the euro zone debt situation. Meanwhile, Portugal elected a center-right government on Sunday. The incoming prime minister hopes markets will welcome the new government, saying it will bring stability.
Coming Up This Week:
MONDAY: Federal Reserve Chairman Bernanke speaks, Fed's Fisher speaks, Treasury STRIPS, Apple's annual developers conference.TUESDAY: 3-year Treasury note auction, consumer credit; Fed's Dudley speaks, Fed's Lockhart speaks; Amazon shareholder meeting, Ford investor day.
WEDNESDAY: Weekly mortgage applications, McDonald's sales data, quarterly services survey, oil inventories, 10-year Treasury note auction, Fed's Beige Book; Fed's Hoenig speaks; Caterpillar shareholder meeting.
THURSDAY: Bank of England announcement, European Central Bank announcement; international trade, jobless claims, wholesale trade, 30-year Treasury bond auction, money supply; Lubrizol shareholders vote on Berkshire takeover; Fed's Plosser speaks, Fed's Yellen speaks; earnings from National Semiconductor.
FRIDAY: Import & export prices, Treasury budget; earnings from Lululemo.
Among key S&P sectors, telecom and financials declined, while materials and tech stocks gained?
A. TRUE
B. FALSE
While there are no major economic data, Fed chairman Ben Bernanke and Treasury secretary Tim Geithner are expected to address the International Monetary Conference in Atlanta. Dallas Fed President Richard Fisher is scheduled to give an update on monetary policy and financial stability at 5:30 pm ET?
A. TRUE
B. FALSE
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