The Closing Look

Stocks were quiet on Monday as investors piled into Apple (AAPL) and several semiconductor stocks.  Apple rallied after a report was released that suggested the tech giant asked its suppliers to prepare 72-78 million units, above the market’s expectation of 65 million units for the iPhone. In other news, two Fed officials spoke on Monday and both were mildly hawkish, hinting at more than one rate hike later this year. Meanwhile, economic data failed to impress. The PMI Manufacturing index came in at 50.5, missing estimates for 51.0.  Yet the Fed is trying to tell us that they are raising rates later this year. The fun continues because Janet Yellen is going to speak on Friday.

Gary’s Thoughts: Remember, it is end of month and a pre-holiday week. Otherwise, indices remain raaaaaaaange-bound!