From Nasdaq:

Wall Street major indexes fell over 1% on Tuesday due to weakness in megacap growth companies like Apple and chip sector concerns. Economic data showed mixed U.S. services industry growth in February, with employment decline but new orders at a six-month high. PMI report confirmed steady economic growth despite Fed interest rate hikes.

Apple shares dropped 2.8% after iPhone sales in China fell 24% year-on-year. Chip sector suffered after AMD faced challenges selling for the Chinese market due to tech export restrictions. S&P 500 and Nasdaq Composite both declined over 1% as technology and consumer discretionary sectors fell. Analysts attribute the weakness to profit-taking and recent market rallies.

Dow Jones fell 1.04%, S&P 500 lost 1.02%, and Nasdaq dropped 1.65%. Technology stocks declined 1.2%, while energy and consumer staples gained. With Powell’s testimony and economic data ahead, traders predict a rate cut in June. Tesla shares sank 3.9% post-Gigafactory arson, while Target shares rose 12% with optimistic sales forecast.

Microstrategy shares plummeted 21% after $600 million private note offering for buying bitcoin. NYSE saw more declining issues, while S&P 500 and Nasdaq recorded new highs and lows. Market sees over 13 billion shares traded on U.S. exchanges. Monitor S&P 500 performance for 2024 and ISM services PMI for market insights.



Read more at Nasdaq: US STOCKS-Tech-heavy Nasdaq leads Wall Street lower as megacaps, chips slide