Stock futures opened lower on Tuesday, the first trading day of the year, as interest rates saw a slight rebound and investors chose to cash in some gains after a remarkably strong 2023 that saw the S&P 500 rally by 24%.
Leading the decline, Apple shares faced a downgrade from Barclays, resulting in the technology giant being labeled as underweight in the prestigious Magnificent 7 market leaders basket.
The futures for the Dow Jones Industrial Average indicated a 0.5% decline, equivalent to 200 points. Meanwhile, S&P 500 futures fell by 0.7% after the index closed Friday just 0.6% shy of its record high for 2022. Nasdaq 100 futures seemed to be hit hardest, showing a nearly 1% loss. Monday’s market closure was due to New Year’s Day.
Source (CNBC)
