From Nasdaq:

U.S. stock indexes continued losses for a second day as fears of an overly restrictive monetary policy loom following a strong end to 2023. There was little information on when rate cuts could be expected. As a result, shares of rate-sensitive megacap stocks continued to fall. Investors are wary of an expected pivot to rate cuts and the possible quick implementation of these cuts when considering the impact on valuations. Apple and other high-growth companies are under pressure, following a rally at the end of 2023 that extended valuation multiples. Benchmark S&P 500 was near a record closing height last week as a sign of cooling inflation triggered investor bets on an aggressive rate-cutting schedule. However, the new year sees a dull start as Apple and other high-growth companies were under pressure due to higher Treasury yields. U.S. job openings fell for the third straight month but labor market conditions are slowly easing. The Institute for Supply Management’s survey showed U.S. manufacturing activity contracted further in December, although the pace of decline slowed amid modest rebound in production and improvement in factory employment. The Dow was down 143.87 points, or 0.38%; the S&P 500 was down 21 points, or 0.44%; and the Nasdaq Composite was down 114.54 points, or 0.78%. Airline stocks were under pressure due to a jump in oil prices as oilfield disruptions in Libya raised concerns about fuel costs. The S&P 1500 passenger airlines index tumbled 3.5%. The energy index was the leading gainer among the minority of S&P sectors in positive territory. The financial sector was among those trading lower, but Citigroup gained 2% to its highest intraday level since mid-August 2022. Charles Schwab and Blackstone were among those pulling down the wider financials index. They dropped 2.4% and 4%, respectively, after Goldman Sachs downgraded the stocks to “neutral” from “buy.”



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