From Nasdaq:

The first trading session of the year saw the S&P 500 and Nasdaq Composite close lower. The tech sector in particular was down due to Treasury yields rising. The recovery of the S&P following last year’s low was tested and tech stocks followed suit. Treasury yields descended as the US interest rates’ projected dipping left investors’ optimism about tech stocks lower.

After Barclays singled out weakening iPhone demand, Apple fell 3.6%. Other big tech names also fell. Other factors contributing to the tech plunge were the December policy meeting minutes and the impending rate cuts. The market was further thrown off by the potential rate cuts.

The Dow Jones Industrial Average .DJI was only one of the three in the green, with a slight 0.07% rise. However, drops have been witnessed all over the stock market. Out of the 11 major sectors, only energy was in the green. Tesla, despite setting a record in car deliveries did not see gains. Boeing was also not capable of seeing profits, even after what seemed like a promising year previously.

Data shows that if rate cuts do happen, the potential for recovery is high. Meanwhile, the number of shares changed hands was higher than average at 11.86 billion shares compared to 12.4 billion.



Read more: US STOCKS-S&P, Nasdaq begin 2024 with lower close as Apple, big tech weighs