Traders work on the floor of the New York Stock Exchange during morning trading on February 29, 2024 in New York City.
Michael M. Santiago | Getty Images
Stocks fell for the second session on Tuesday, following sharp declines in major tech stocks such as . apple It pushed the overall market further away from the all-time highs reached recently.
of Nasdaq Composite Tech stocks took the brunt of the market decline, falling 1.65% to 15,939.59.of Dow Jones Industrial Average It decreased by 404.64 points (1.04%) to 38,585.19.of S&P500 It fell 1.02% to close at 5,078.65.
Apple fell nearly 3% after a report from Counterpoint Research found that iPhone sales in China plummeted in the first six weeks of 2024.
Some other mega-cap tech stocks include: Netflix and microsoft While it decreased by nearly 3%, tesla It fell nearly 4%. The information technology sector of the S&P 500 fell more than 2%, leading the index's decline.
Other than mega cap tech, GitLab Shares fell 21% after the software company issued a weak outlook for the full year. intel and sales force The worst-performing companies on the Dow Jones Industrial Average each fell more than 5%.
“The higher they go, the harder they fall,” Scott Radner, chief investment officer at Horizon Investments, said of struggling tech stocks. “What's going on internally right now is that the things that have been winning all year long are selling.”
Beyond technology the goal Shares rose 12% after holiday quarterly profits beat Wall Street expectations. aviation environment Shares rose about 28% after a better-than-expected quarterly report and the defense company's outlook.
Tuesday's move came as investors continued to digest the recent market rally, which reached record highs, fueled by optimism around artificial intelligence. Despite losses in the past two sessions, the average of the three majors has been solidly higher since the beginning of the year.
Bitcoin is the latest asset to hit a record, hitting an all-time high on Tuesday. However, the digital currency quickly fell into the red after peaking for the first time in two years.
