Dow dropped 199 (at session lows), decliners over advancers about 2-1 & NAZ was off 11.  The MLP index fell a fraction to the 225s & the REIT index was off 2+ to the 363s.  Junk bond funds fluctuated & Treasuries were up a tad, hardly enough to affect yields.  Oil added a fraction to 72 & gold went up 8 to 1978 (more  on both below).

AMJ (Alerian MLP Index tracking fund)

The stock was off 10¢.
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club.ino.com/trend/analysis/stock/GM_aid=CD3289&a_bid=6aeoso5b6f7

GM investing more than $1B in Michigan plants to boost heavy-duty truck production

Gas prices could spike after Saudi Arabia oil production cut

Intel (INTC) shares fell as Apple (AAPL), both Dow stocks, said an upcoming Mac Pro computer will include a new homemade chip, representing the completion of the company's effort to bring its own processors to its entire PC lineup.  The M2 Ultra, which will power the new computer, is up to 3 times faster than the speediest Intel-based Mac Pro.  At Apple's Worldwide Developer Conference, Jennifer Munn, director of engineering program management, called the M2 Ultra “a monster of a chip.”  AAPL silicon is “a different kind of competition,” former INTC exec Gregory Bryant said at a 2021 Evercore conference.  “It really wasn’t as much of the silicon as it was about the developer ecosystem and unifying this base of developers and applications that they have on the iPhone and the iPad and bring it to the Mac. So I think that was inevitable.”  The Mac Pro containing the new chip will come with 192 GB of memory & the computer will start at $6999. 

INTC fell 1.42.
If you would like to learn more about INTC, click on this link:
club.ino.com/trend/analysis/stock/INTC_aid=CD3289&a_bid=6aeoso5b6f7

AAPL was off 1.71.
If you would like to learn more about AAPL, click on this link:
club.ino.com/trend/analysis/stock/AAPL_aid=CD3289&a_bid=6aeoso5b6f7

Intel drops as Apple moves to its own silicon on all computers

Gold futures finished higher, giving up early gains, after data showed that US businesses grew at a slower pace in May.  With Federal Reserve officials now in their pre-policy decision blackout for speaking in public, financial markets are left to focus on data alone, and today's ISM survey reads very badly.  The Institute for Supply Management's (ISM) index of service-oriented businesses fell to 50.3% in May from 51.9%.  Gold continues to mirror both the $ & expectations for Fed interest rates very closely, so the US services sector data has seen the precious metal reverse Fri's jobs data slump as betting that the Fed will raise rates in 2 weeks has evaporated.  Gold for Aug climbed $4 to settle at $1974 an ounce

Gold Futures End Higher After Fall in ISM Services Index Reading

Oil futures climbed, with US benchmark prices settling at their highest since May 26.  Saudi Arabia agreed to voluntarily cut its oil production level by 1M barrels a day in Jul.  Spurring a bout of short-covering via a further surprise cut appears the best way to spur a relief rally but for now, the response by oil prices has been exceptionally tepid.  Jul West Texas Intermediate crude rose 41¢ (0.6%) to settle at $72.15 a barrel.

U.S. Oil Futures Settle at Their Highest in More Than a Week

This was another dreary day for stocks.  Higher prices for oil was a negative although the growth in global demand which includes China is still unclear.  And the price of oil continues be be near its lows in the last year.  The Dow remains stuck in the mud, where it's been all year.

Dow Jones Industrials