U.S. stocks moved lower Monday as investors worried about Greece, and an earlier-than-hoped for hike in interest rates. Bobbi Rebell reports.
Investors still hung over from Friday's strong jobs report that has them fearing the Fed will hike interest rates as soon as September. Stocks fell nearly across the board. Tech stocks, like Facebook, led the decline. Apple's shares took a small set back. The company kicked off its Worldwide Developers Conference, where the focus was on its new music streaming service. After a three month trial, the service will cost $9.99 a month, with a family plan for $14.99 Gartner's Van Baker says Apple Music is set up to succeed. SOUNDBITE: VAN BAKER, RESEARCH VICE PRESIDENT, MOBILITY, GARTNER (ENGLISH) SAYING: "The very fact that Apple has as many customers as they have around the world, and the fact that all the iTunes customers already have registered their credit cards or their payment method, and Apple has all the information on them. This is just checking a box to say charge me an extra $10 a month." Apple also unveiled a new version of its operating system for the Apple Watch, which will make it less dependent on the iPhone. Investors not betting on casino stocks. Sterne Agee forecast a big decline in gaming revenue in Macau for June. Wynn Resorts was the day's biggest loser on the S&P 500. Flying lower: airline stocks. Raymond James downgraded American Airlines, United Continental and Delta Air Lines. The brokerage predicts it'll take longer for the airlines to push up airfares to reflect higher fuel prices because of slower-than-expected economic growth. Syngenta shares gave back some of their huge gain since early May. It rejected Monsanto's second takeover offer, saying the world's largest seeds maker hasn't done enough to address regulatory concerns, and it called Monsanto's $2 billion breakup fee "inadequate." Tesla's stock zoomed higher. Its partner, Panasonic, said it'll send hundreds of employees to the electric car maker's battery plant in Nevada starting this fall. In Europe, rising yields and the Greek debt talks weighed on the equities markets, pushing shares lower.