Stocks declined for a second consecutive session on Tuesday, with major tech giants like Apple leading the market lower from recent record highs.
The Nasdaq Composite fell by 1.65% to 15,939.59, with technology stocks bearing the brunt of the overall market decline. The Dow Jones Industrial Average dropped 404.64 points, or 1.04%, to 38,585.19, while the S&P 500 decreased by 1.02%, closing at 5,078.65.
Apple saw a nearly 3% decline following a report from Counterpoint Research indicating a sharp drop in iPhone sales in China during the first six weeks of 2024.
Other large-cap tech companies such as Netflix and Microsoft also experienced losses of close to 3%, while Tesla dropped by almost 4%. The S&P 500’s information technology sector led the broader index down with a loss of over 2%.
Among other tech companies, GitLab’s stock plummeted by 21% after the company issued a disappointing full-year forecast. Intel and Salesforce were the top laggards in the Dow, each declining by more than 5%.
Source (CNBC)
