Another lousy June for stocks
June has been a weak month for most of the last 10 years. Domestic and global economic weakness, the BP oil spill and other problems combine to push stocks lower.
The Dow Jones industrials ($INDU) will finish the month down 2.3%, maybe lower. It will the fifth straight June where the blue chips have fallen and the eighth since the end of 1999.
The numbers are a touch better for the Standard & Poor's 500 Index ($INX) and the Nasdaq Composite Index ($COMPX): six down Junes each.
About the only nice thing one can say about June 2010 is that the losses are smaller than those of May and not even close to rivaling the worst June this century: in 2008, when the S&P 500 dropped 8.6%.
And the market's second-quarter losses aren't as bad as the second quarter of 2002 when the S&P 500 fell 13.7%.
Admittedly, that doesn't make an investor feel any better. That's a big reason why gold is up nearly 3% for the month and 11% for the quarter and why the 10-year Treasury yield has dropped to 3% and lower. Uncertainty means people run to safety.
Going into today, only 13 of the 30 Dow stocks were higher for the month and only four were up for the quarter, led by Caterpillar (CAT), up 2.6% for the month going into today. But Caterpillar is getting creamed today, down nearly 4.9% to $61.25, and will likely end the quarter lower.
Among S&P 500 stocks, only 194 were higher for the month going into today, along with 143 for the quarter.
Among stocks in the Nasdaq-100 Index ($NDX.X), only 39 stocks were up in June at the end of Monday's trading and 26 for the quarter.
With today's losses, those numbers will surely shrink.
Apple (AAPL), which really dominated the quarter in terms of attention, started the day 24th among Nasdaq-100 stocks, eighth for the quarter and seventh for the year. Among S&P 500 stocks, it began the day 64th for the month, 24th for the quarter and 33rd for the year.
But it also became the second-most-valuable company in the world, measured by market cap, ahead of Microsoft (MSFT) but behind Exxon Mobil XOM). (Microsoft publishes MSN Money.)
If you were looking for strength in the market in June, you found it in utility and health care stocks, the only sectors of the S&P 500 to show gains.
You didn't want to be in industrials, materials (think metals) and consumer discretionary stocks. The first groups took beatings because of the decline of the euro. The latter group, which includes automakers, homebuilders and retailers, tumbled as consumer confidence waned.
And you didn't want to be anywhere near BP (BP), which has lost 54% of its market cap since the April 20 oil spill began. Anadarko Petroleum (APC), a minority partner in the Macondo project off the coast of Louisiana, has lost 50% of its value.
Here are the big numbers:
|How the big indexes and key indicators have fare in June and the second quarter|
|Index||Monday close||June chg.||Qtr. chg.||Ytd. chg.|
|S&P Small cap||343.46||-2.79%||-4.67%||3.26%|
|S&P Health Care||335.88||0.84%||-9.87%||-7.27%|
|Nikkei 225 (Jap.) ||9,737.48||-0.76%||-12.69%||-8.14%|
|Xetra Dax (Ger.)||6,070.60||3.55%||0.06%||3.35%|
|FTSE 100 (UK)||5,046.47||-2.25%||-10.70%||-6.30%|
|10-yr. Treasury yield||3.03%||-8.15%||-20.90%||-21.10%|
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