On the first trading day of the year, the S&P 500 experienced a decline as bond yields slightly increased and investors opted to cash in some profits after an unexpectedly strong 2023. The broad market index saw a decrease of 0.57%, settling at 4,742.83. The Nasdaq Composite also retreated by 1.63%, marking its worst performance since October, with a closing value of 14,765.94. In contrast, the Dow Jones Industrial Average eked out a gain of 25.50 points or 0.07%, concluding the day at 37,715.04. Trading was closed on Monday due to New Year’s Day.
Apple stocks faced a decline of more than 3% after being downgraded to an underweight rating by Barclays, affecting its position within the Magnificent Seven market leaders basket. However, the Dow managed to stay in positive territory, buoyed by defensive stocks like Johnson & Johnson and Merck, which saw gains in value.
Source (CNBC)
