Wall Street drops on Monday, weighed by energy shares

Major equity indexes in the U.S. slipped on Monday as the technology stocks recorded heavy losses. After losing as much as 0.75%, the heavy-tech Nasdaq Composite Index finished the day at 6,175.46, down 32.5 points, or 0.5%.

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After a recent report revealed that Apple will be using slower modems in upcoming iPhones, compared with those used in rival phones, shares of the world's most valuable publicly-listed company dropped more than 2% on Monday, dragging the S&P technology sector down nearly 1.5%. Reuters reported that Mizuho Securities cut its rating on Apple's stock to "neutral" from "buy" on Monday, citing it has outperformed this year and enthusiasm over the "upcoming product cycle is fully captured at current levels".

At the end of the day, the Dow Jones Industrial Average was down 36.3 points, or 0.17%, at 21,235.67, the S&P 500 lost 2 points, or 0.08%, to 2,426.00 as the energy sector .SPNY and financials .SPSY helped the index recover some of its losses. 

Headlines from the U.S. session:

• U.S. shale output set to rise by 127,000 bpd in July - EIA - Reuters
• Secret Service has no audio or transcripts of any tapes made in WH - WSJ
• Central bank watch: FOMC, SNB, BoE and BoJ - UOB
• US CPI Preview: Index expected to remain unchanged in May - Wells Fargo
• US economic outlook: there remains significant uncertainty - Nomura
• FOMC preview: Fed should wait before next rate hike - Danske Bank
• U.S. weighs sanctioning Chinese entities over North Korea - WSJ
• NY Fed: Inflation expectations drop and spending growth expectations remain low