U.S. stocks fell Monday following a weak open after European shares traded sharply lower on political tensions in Turkey. Meanwhile, shares of Dow component Apple Inc. (NASDAQ:AAPL) traded flat ahead of the iPhone maker’s five-day annual Worldwide Developers Conference, which kicks off with a keynote by CEO Tim Cook at 1 p.m. EDT/10 a.m. PDT on Monday. 

Wall Street is also looking ahead to a series of economic data points coming out later this week, including retail sales figures for May. The report will reveal details about the financial health of Americans -- and the U.S. economy overall, given that consumer spending accounts for nearly two-thirds of U.S. economic activity.

In early afternoon trading, the Dow Jones Industrial Average (INDEXDJX:.DJI) fell 41.71 points, or 0.23 percent, to 17,808. The Standard & Poor’s 500 index (INDEXNASDAQ:.IXIC) dipped 7.13 points, or 0.34 percent, to 2,086. The Nasdaq composite (INDEXSP:.INX) lost 29.84 points, or 0.60 percent, to 5,038.

Technology led the Dow lower Monday, as International Business Machines Corp. (NYSE:IBM) and Intel Corporation (NASDAQ:INTC) both lost 1 percent.  

Wall Street is eyeing Apple's WWDC, which is taking place through Friday in San Francisco, as analysts forecast that new versions of Apple’s iOS and OS X will be revealed. Re/code reported last week Apple's wouldn’t be announcing a subscription TV service at the event, but analysts do anticipate the tech giant could unveil new services in streaming music.

"Apple's roots in the digital music industry and its history of pioneering disruptive technologies make the company a natural candidate to take music streaming to a new level," Paul Verna, senior analyst at eMarketer, said in a note Monday. "However, Apple faces strong headwinds in this space, with Pandora and Spotify well entrenched and other powerful players, such as Google, making a serious play for the music consumer."

Analysts also expect the event could include a sneak preview of other potential longer-term Apple projects, including augmented reality, a one-stop-shop Apple TV console (apps, video, music) and automotive-related solutions, Daniel Ives, analyst at FBR Capital Markets, said in a research note.

Apps for the Apple Watch are also expected to be a focal point. “We expect that gaining solid developer traction for the watch remains a key focus for management as use cases will be driven by the thousands of apps available for the device,” Ives said.

Apple's stock has gained more than 40 percent in the last 12 months, and in February, the company became the first ever to reach a market capitalization of $700 billion. Shares of Apple dipped nearly 1 percent Monday to $127.65 ahead of the event. 

The Dow Jones Transportation Average dropped 1.5 percent, led by a 6 percent decline from JetBlue Airways Corporation (NASDAQ:JBLU) and a 4 percent drop from United Continental Holdings Inc. (NYSE:UAL). The transportation average, which fell below its 200-day moving average in May, has lost 8 percent this year, led recent declines in railroad stocks.

The Turkish stock market fell as much as 8 percent Monday, while the Turkish lira dropped to a record low of 2.76 against the U.S. dollar after the ruling Justice and Development Party (AKP) failed to win a majority in parliamentary elections for the first time in more than a decade.

U.S. stocks closed mostly lower last week despite an upbeat jobs report that suggested the economy is regaining momentum following a winter slowdown. The report provided further proof the Federal Reserve is likely to raise interest rates in September

The Commerce Department's retail sales report for May will be released Thursday. Sales rebounded in March, snapping three straight months of declines due to harsh winter weather, but sales came in flat in April. Wall Street forecasts retail sales to increase 1.1 percent in May, up from 0.0 percent in April, according to analysts polled by Thomson Reuters.

Here's the latest economic calendar for the week of June 8. All listed times are EDT.


  • 10 a.m. -- Labor market conditions index (May)

Non U.S.:

  • Japan – Revised Gross Domestic Product (Q1)


  • 9 a.m. -- NFIB small business index (May)
  • 10 a.m. -- JOLTS Job openings (April)
  • 10 a.m. -- Wholesale inventories (April)

Non U.S.:

  • Europe -- Gross Domestic Product (Q1)
  • Switzerland -- Unemployment Rate (May)


  • 2 p.m. -- Federal budget (May)

Non U.S.:

  • Australia -- Speech from Reserve Bank of Australia Governor Glenn Stevens
  • New Zealand -- New Zealand Reserve Bank Interest Rate Decision and Press Conference


  • 8:30 a.m. -- Weekly jobless claims
  • 8:30 a.m. -- Retail sales (May)
  • 8:30 a.m. -- Import price index (May)
  • 10 a.m. -- Business inventories (April)

Non U.S.:

  • Australia -- Unemployment Rate (May)


  • 8:30 a.m. -- Producer price index (May)
  • 10 a.m. -- Consumer sentiment (June)