At the Apple Worldwide Developers Conference on June 05, 2023, the new Apple Vision Pro headset was displayed in Cupertino, California. Despite the anticipation and excitement, the unveiling of the headset failed to spark investors’ enthusiasm.

U.S. stocks closed lower on Monday, with Europe’s Stoxx 600 index dropping 0.48% after the May Purchasing Managers’ Index report revealed a slowdown in business growth in the euro zone. The Nasdaq was deemed “very expensive” by GAM Investments, while Morgan Stanley cautioned that stocks may have below-average performance due to sharp downgrades in earnings forecasts.

The U.S. labor market remains surprisingly strong, yet this does not guarantee a recession won’t occur. Jeff Cox, from CNBC, notes the jobs market is usually the last to know of a recession.

The hype surrounding cryptocurrency and the metaverse has significantly died down following a less-than-positive reaction to both concepts. Binance’s SEC lawsuit caused cryptocurrency prices to plunge, with Bitcoin hitting its lowest since March. Coinbase’s shares also tumbled 9.05%.

Overall, major stock indexes fell, including the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite. Apple’s shares also ended the day lower, following its augmented-reality headset demonstration.