NEW YORK, JUNE 5 -- The Dow Jones industrial average shed 10 points today as the bond market, the main engine for the recent stock rally, ran out of steam.

Traders generally said that both stock and bond markets suffered from a temporary exhaustion of buyers and leisurely profit-taking by sellers.

''The day was a 'slow fade' after some early follow-through on the upside,'' said strategist Dennis Jarrett at Kidder Peabody. ''You could see the profit-taking going on -- for example, in some of the technology stocks that have had good run-ups.''

Chief block trader Brad Weekes at Donaldson, Lufkin & Jenrette agreed. ''What we're seeing is pockets of profit-taking,'' he said, ''but that doesn't mean we're not going to Dow 3000 -- we are going to 3000, and pretty soon.''

But there were skeptics to be found who continue to see danger signs in a post-2900 Dow.

At the close, the Dow stood at 2925.00, down 10.19, while declines slightly edged advances on the Big Board on active volume of 199 million shares.

Among stocks in the news, housing-component manufacturer Philips Industries rose 3 1/4 to 17 1/4 on news that it has agreed to be acquired by Tomkins PLC for $18.50 per share in a $550 million cash deal.

Elsewhere, Atlanta-based Coca-Cola Enterprises, which is 49 percent owned by Coca-Cola Co., made few waves, closing off 1/8 at 15 7/8 after announcing it will buy a Coca-Cola Co. unit -- Coca-Cola Bottling of Arkansas -- for $250 million. Coca-Cola Co., a Dow stock, finished off 1/2 at 46.

Campbell Soup surged 3 3/8 to 60 after a dissident shareholder group, holding 17.4 percent of common, reiterated their request to management that the company place itself on the auction block.

Saatchi & Saatchi gained 3/8 to 5 5/8 after announcing it had agreed to sell its Hay Group consulting unit for $80 million to a group of its managers and institutional investors.

Among industry groups, news of a potential oil-price war among members of the Organization of Petroleum Exporting Countries hit oil-field equipment issues hard -- more so even than the integrated oil companies themselves. Baker Hughes, for example, tumbled 2 to 27 5/8.

Among the money-center banks, which benefited from the new downward pressures on energy prices and by implication on the rate of inflation, Bankers Trust was up 1 at 46 1/8, Security Pacific up 1 1/8 at 43 3/8 and First Chicago up 1 3/8 at 35 1/8, although First Interstate ran into some profit-taking, slipping 1 to 43 7/8, after its impressive 5 5/8 rally on Monday.

The Dow transport average rose 4.75 to 1212.60 as most of the air carriers staged a mild celebration over falling oil prices. But the utilities eased 0.31 to 215.11.

Among broad stock indexes, the Standard & Poor's 500 was down 0.76 at 366.64, the NYSE Composite down 0.28 at 199.93, the Value Line down 0.07 at 290.62, the Amex Market Value down 0.57 at 363.83 and the Nasdaq Composite down 1.00 at 464.61.