[New York Stock Market] Falls for Third Straight Session on Surging Oil Prices and Treasury Yields; Apple, Entering Foldable Phone Market, Down 0.3%

[Financial News]  

The three major U.S. stock indexes continued to decline on June 9 (local time), extending their losing streak to three consecutive sessions since June 4.
International oil prices broke above $101 a barrel, while U.S. Treasury yields also surged despite intervention by the Treasury Department, weighing on investor sentiment.
Apple unveiled new products, including its first foldable phone, Duo, but its shares fell amid concerns over higher prices. However, the stock reversed course and rose in after-hours trading.
Meanwhile, Meta Platforms surged 6.6% as reaction to Muse, the artificial intelligence (AI) agent application unveiled the previous day, belatedly gathered momentum.

The Dow Jones Industrial Average fell 405.41 points, or 0.77%, from the previous session to close at 52,380.66.
The S&P 500 Index fell 37.16 points, or 0.48%, to 7,636.36, while the Nasdaq Composite dropped 168.07 points, or 0.64%, to close at 26,253.34.
The Cboe Volatility Index (VIX), known as Wall Street's fear gauge, rose 0.64 point, or 4.07%, to 16.36.

Semiconductor stocks generally performed well.
NVIDIA, the sector leader, slipped $2.06, or 0.91%, to $223.67, while Micron Technology climbed $27.51, or 2.75%, to $1,027.77.
The Direxion Daily Semiconductor Bull 3X Shares (SOXL), a leveraged product investing in 30 semiconductor stocks, gained $2.66, or 2.16%, to close at $125.93. SOXL tracks three times the daily movement of a semiconductor index, offering the potential for large gains in rising markets but also magnifying losses threefold during declines, making it a high-risk leveraged product.
SK hynix's American depositary receipt (ADR) surged $13.08, or 7.05%, to $198.63.

Big tech stocks were generally weak.
Meta Platforms was the only exception, surging $40.21, or 6.55%, to $653.69 after unveiling Muse the previous day.
Apple fell $0.88, or 0.28%, to $315.34, while Alphabet dropped $7.71, or 2.28%, to $330.65.
Tesla fluctuated sharply until the final moments before ultimately slipping $0.35, or 0.10%, to $367.81.
Palantir Technologies also fell $0.77, or 0.45%, to close at $169.53.

The Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, and the Vanguard S&P 500 ETF (VOO), which tracks the S&P 500 Index, both fell.
QQQ fell $2.05, or 0.29%, to $716.31, while VOO dropped $3.20, or 0.45%, to finish at $700.87.
The ProShares UltraPro QQQ (TQQQ), which tracks three times the daily movement of the Nasdaq-100 Index, also fell $0.61, or 0.85%, to $71.55.

[email protected] Song Kyung-jae Reporter