U.S. stocks were trading lower Tuesday afternoon as investors profits — and a step back — after a 2023 rally that left the S&P 500 index just shy of a fresh record.How stocks are trading
The Dow Jones Industrial Average
DJIA
fell 32 points, or 0.1%, to 37,660.
The S&P 500
SPX
fell 35 points, or 0.7%, to 4,735.
The Nasdaq Composite
COMP
fell 273 points, or 1.8%, to 14,738.
On Friday, the Dow Jones Industrial Average fell less than 0.1%, the S&P 500 declined 0.3% and the Nasdaq Composite dropped 0.6%.
What’s driving markets U.S. equities were starting the year’s first session in the red, a bumpy beginning to the year after a blockbuster end to 2023. At the end of last week, the S&P 500 had not revisited its early January 2022 record close of 4796.56, but the index still logged its ninth straight week of gains. Tuesday’s move lower follows soft data from China, which raised concerns about the health of the global economy, and rising oil prices on heightened tensions in the Middle East. An analyst downgrade for Apple Inc., one of the Magnificent Seven group of stocks, wasn’t helping, either. There are news headlines to consider, but also a mood check, especially after 2023 went out with a big bang, said Steve Sosnick, chief strategist at Interactive Brokers. “The rally became so powerful that no manager could afford to be on the sidelines,” Sosnick said, calling it “weaponized FOMO” and an “everything” rally. “After a big rally, it’s not unusual, and I would argue not unhealthy, to see the market correct a little, to see some profit taking,” he said in a phone interview. Also read: Stock market’s 9-week rally leaves S&P 500 clearly ‘overbought’ — here’s the ‘good’ news So it’s back to business, and back to attention on the headwinds for investors, Sosnick said. “The mentality today is less about finishing the year on a …
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The Dow Jones Industrial Average
DJIA
fell 32 points, or 0.1%, to 37,660.
The S&P 500
SPX
fell 35 points, or 0.7%, to 4,735.
The Nasdaq Composite
COMP
fell 273 points, or 1.8%, to 14,738.
On Friday, the Dow Jones Industrial Average fell less than 0.1%, the S&P 500 declined 0.3% and the Nasdaq Composite dropped 0.6%.
What’s driving markets U.S. equities were starting the year’s first session in the red, a bumpy beginning to the year after a blockbuster end to 2023. At the end of last week, the S&P 500 had not revisited its early January 2022 record close of 4796.56, but the index still logged its ninth straight week of gains. Tuesday’s move lower follows soft data from China, which raised concerns about the health of the global economy, and rising oil prices on heightened tensions in the Middle East. An analyst downgrade for Apple Inc., one of the Magnificent Seven group of stocks, wasn’t helping, either. There are news headlines to consider, but also a mood check, especially after 2023 went out with a big bang, said Steve Sosnick, chief strategist at Interactive Brokers. “The rally became so powerful that no manager could afford to be on the sidelines,” Sosnick said, calling it “weaponized FOMO” and an “everything” rally. “After a big rally, it’s not unusual, and I would argue not unhealthy, to see the market correct a little, to see some profit taking,” he said in a phone interview. Also read: Stock market’s 9-week rally leaves S&P 500 clearly ‘overbought’ — here’s the ‘good’ news So it’s back to business, and back to attention on the headwinds for investors, Sosnick said. “The mentality today is less about finishing the year on a …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]