Key Takeaways
- Apple breaks its intraday record high before falling 0.8%.
- Intel shares fall as Apple pushes ahead with its own chips.
- 3M shares drop after judge delays PFAS trial with Florida city.
The Dow Jones Industrial Average fell 0.6%, or about 200 points, as markets cooled off from Friday’s blistering rally. Amgen rose more than any other stock, but Intel led the index lower.
After approaching a nine-month high, the S&P 500 also faded in intraday trading to finish down about 0.2%, while the Nasdaq finished flat. Meanwhile, Morgan Stanley’s chief U.S. equity strategist warned that a “tactical correction” was coming that could send the S&P 500 lower by about 10%.
Apple (AAPL) shares fell 0.75%, tumbling from an all-time high after the company unveiled its highly anticipated virtual reality headset during the keynote presentation of its annual global developers conference.
Apple also sent Intel (INTC) shares plummeting 4.6% after it unveiled several new products powered by proprietary microchips. Apple began phasing out Intel chips and replacing them with its own processors in 2020.
3M (MMM) shares fell 4.4% after a federal judge delayed a start to its trial with the city of Stuart, Fla. to allow more time for negotiations. 3M is being sued by the city, which alleges the company’s firefighter foam contained PFAS—often called “forever chemicals”—that tainted the city’s water supply.
Shares of JPMorgan Chase (JPM) fell about 1% after the Wall Street Journal reported federal regulators could boost the capital requirements of big banks.
Amgen (AMGN) shares moved up about 2% after a filing with the Securities and Exchange Commission showed that its acquisition of Horizon Therapeutics (HZNP) could be completed by mid-December if the company can win its case against the Federal Trade Commission, which has sued to block the merger.