From Nasdaq:

The US stock market falls as 2024 starts. This is due in part to a 2.7% drop in Apple’s shares following a broker downgrade. Treasury yields also climbed, affecting the performance of other megacap stocks. However, the market is hopeful based on the Federal Reserve’s upcoming policy meeting and the possibility of rate cuts later this year. Fed Watch predicts a near 70% chance of a 25-basis point cut in March, and the S&P recorded more new highs than lows.

Despite the market decline, health stocks rose 1.4% and Tesla’s electric vehicles delivered beat expectations for the fourth quarter. However, Boeing shed 2.6% and lost its place on Goldman Sachs’ “conviction list”. Crypto-related stocks gained as bitcoin rose past $45,000 for the first time since April 2022. This mixed bag of news suggests a volatile and uncertain start to the trading year.

Tech stocks are currently experiencing heavy losses. This comes in stark contrast to last year, where Wall Street’s three major indexes all saw double-digit gains. However, this decline is not altogether unexpected since the rally leading up to December lasted a bit too long. The Fed’s meeting minutes and labor market data due this week could provide more insight into the timing of potential rate cuts.



Read more: US STOCKS-Wall St kicks off 2024 on low note as yields rise, Apple dips