Hot Stock Minute

Stocks close lower after last week's record highs

Stocks closed lower after reaching record highs last week, but the Dow (^DJI) still ended above 17,000, at 17,024, down 44 points. The Nasdaq (^IXIC) ended the day off 34 points at 4,452 and the S&P 500 (^GSPC) closed 8 points lower at 1,978.

In a note to clients over the weekend, Goldman Sachs (GS) chief economist Jan Hatzius changed his forecast for when the Federal Reserve will begin to raise interest rates. He now projects the Fed will boost the key lending rate in the third quarter of 2015, sooner than his previous forecast of Q1 2016.

Bed Bath & Beyond (BBBY) shares closed 9 cents lower at $59.26 after the company’s board approved a $2 billion share buyback plan which it hopes to complete during its fiscal 2016 year. The new buyback plan will begin when the current plan ends. As of May 31, that plan had $861 million remaining.

BlackBerry (BBRY) shares closed 60 cents higher at $11.21 after the company won three Red Dot Awards for the design of its Q10, Q5 and Z30 smartphones.

Dow component Intel (INTC) ended the session down 11 cents at $31.03 after the chipmaker announced it will make semiconductors for Panasonic. Intel now has six customers for its semiconductors, with Panasonic being that biggest. Intel powers 80% of all PCs, but hopes making semiconductors for others will make up for declining PC sales.

Aluminum maker Alcoa (AA) will unofficially kick off earnings season when it reports quarterly results after the close of trading Tuesday. Wells Fargo (WFC) is scheduled to report earnings this Friday. Also ahead this week, Fed minutes from its most recent policy meeting, out Wednesday.

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