On the second consecutive day, stocks experienced a decline, driven by the significant drop in the Nasdaq Composite, marking its largest decrease in nearly three months. The tech-heavy index witnessed a 0.7% decrease, while the S&P 500 slipped by 0.6%. Correspondingly, the Dow Jones Industrial Average also slid by 237 points, equivalent to a 0.6% drop.
The Nasdaq’s dismal performance yesterday, with a decline of over 1.6%, marked a notable low since October. This decline was primarily influenced by major technology stocks, along with Apple’s stock plunging by a substantial 4% following a downgrade from Barclays.
Notably, Apple shares continued their decline on Wednesday, with an additional 0.3% dip.
Investors seem to be offloading last year’s tech winners, which witnessed a significant surge as the market anticipated monetary policy easing in 2024. However, due to the current volatile state of the economy and persistent uncertainty regarding the timing of rate cuts by the Federal Reserve, investors have adopted a more cautious and restrained approach, dampening their previous enthusiasm.
Source (CNBC)
