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Stocks Pare Losses; Techs Gain, Banks Decline

Published: Monday, 6 Jun 2011 | 11:38 AM ET

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By: CNBC.com

Stocks turned mixed Monday after marking their fifth week of losses Friday on the heels of a disappointing jobs report.

Major U.S. Indexes

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The Dow Jones Industrial Average was down a couple points, led by JPMorgan [JPM Loading... () ], Bank of America [BAC Loading... () ] and AmEx [AXP Loading... () ], 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 near the bottom of some analysts' support level around 1,295, while the tech-heavy Nasdaq was slightly higher. 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.

Most key S&P sectors slipped, led by energy and financials, while techs gained.

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“There’s still a significant fallout from Friday’s lack of jobs creation, which has raised questions around government spending in jobs creation programs,” said Tim Speiss, Chairman of the Personal Wealth Advisors for EisnerAmper.

Speiss said markets will continue to trade sideways until September when he expects the economy to start seeing a turnaround.

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.

Poll: Does US Economy Need Third Round of Easing?

Among banks, Wells Fargo [WFC Loading... () ] slipped after Rochdale downgraded the financial giant to "sell" from "neutral." This also comes after Moody's downgrade warning last week. The rating agency also cautioned Citigroup [C Loading... () ] and Bank of America. (Read More: Bank Shares Take a Beating, and It May Not Be Over Yet)

Meanwhile, Goldman Sachs [GS Loading... () ] 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 Loading... () ] 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. (CNBC.com will be live-blogging the event from 1pm ET.)

Also on the tech front, Sony [SNE Loading... () ] 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 Loading... () ] also said it suffered an attack on its network but that the hackers hadn't obtained customer data.

Airlines were under pressure after the International Air Transport Association estimated airlines will earn about $4 billion this year, down from $18 billion last year. Delta Airlines [DAL Loading... () ], AMR [AMR Loading... () ] and United Continental [UAL Loading... () ] fell more than 2 percent each.

Lowes [LOW Loading... () ] 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 Loading... () ] sliding below $100 a barrel and London Brent crude [LCOCV1 Loading... () ] 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 Lululemon Athletica.

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