From Nasdaq:

The S&P 500 and Nasdaq Composite closed lower, with the former losing 26.79 points to end at 4,743.04 points and the latter losing 246.58 points to close at 14,764.77. The drop was caused by a move higher by Treasury yields and declines among big-tech names, including Apple, Nvidia, Meta Platforms, and Microsoft.

Apple’s shares have fallen after a broker downgrade and declines among other big-tech names. Equities were pressured as U.S. Treasury yields climbed, with the yield on 10-year notes ticking above 4.000%. This weighed on growth stocks, including tech stocks, which benefit from a more favorable rate environment. Apple fell following a downgrade from Barclays, citing weakening iPhone demand.

This week’s news includes the Fed’s December policy meeting minutes and a slew of labor market data. The Fed is expected to hold rates at its January meeting, but traders expect a near 70% chance of a 25-basis point cut in March, according to the CME Group’s FedWatch tool.

The S&P 500 sectors were mixed, with healthcare rising and the information technology sector leading decliners. Tesla was flat despite a record number of electric vehicle deliveries in the fourth quarter, while Boeing dropped after being removed from Goldman Sachs’ “conviction list.” Additionally, Citigroup advanced and crypto-related stocks gained.

The energy index rose despite crude slipping, while crypto-related stocks such as MicroStrategy gained as bitcoin pierced above $45,000 for the first time since April 2022 on optimism around the possible approval of exchange-traded spot bitcoin funds.



Read more: US STOCKS-S&P, Nasdaq end down on first session of 2024 as Apple, big tech weighs