On the first trading day of the year, the S&P 500 experienced a decline amidst a slight rebound in interest rates and investors choosing to cash in some gains following an unexpectedly strong performance in 2022.
The broad market index observed a 0.9% loss, while the Nasdaq Composite retreated by 2%. The Dow Jones Industrial Average ended the day with a decrease of 82 points, accounting for a 0.2% dip. Monday’s market closure was due to the observance of New Year’s Day.
Apple shares took the lead in this pullback, as Barclays downgraded the company, a member of the renowned Magnificent 7 market leaders basket, to an underweight rating. However, the Dow’s losses were limited by the strengthening of defensive stocks like Johnson & Johnson and Merck.
Source (CNBC)
