Wall Street’s main indexes closed lower on the first trading day of 2023 with Apple among the biggest drag, while investors worried about the Federal Reserve’s future interest-rate hikes amid rampant U.S. inflation.
Apple Inc shares sank 3.7%, with the iPhone maker hitting its lowest level since June 2021, after a report from Nikkei Asia pointed to weaker demand. In addition, an analyst downgraded their rating of the stock due to production cuts in COVID-19-hit China.
MacDailyNews Take: An “analyst” whom we’ve never covered before today in our 20-plus-year history of covering Apple, no less. Speaks volumes.
The main U.S. stock indexes in 2022 showed their steepest annual losses since 2008 following the Fed’s fastest pace of rate hikes since the 1980s to stamp out decades-high inflation.
“2022 was a terrible year for equity markets. Some of the reasons for that haven’t dissipated because we turned the calendar,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. “There’s still elevated anxiety, uncertainty about the Fed and inflation. Until there’s clarity on that, it’s going to be tough to make any upside headway in equity markets.”
The Dow Jones Industrial Average fell 10.88 points, or 0.03%, to 33,136.37; the S&P 500 lost 15.36 points, or 0.40%, to 3,824.14; and the Nasdaq Composite dropped 79.50 points, or 0.76%, to 10,386.99.
The S&P 500 had shed 19.4% in 2022, marking a roughly $8 trillion decline in market capitalization, while the Nasdaq fell 33.1%, dragged down by growth stocks.
Among the S&P 500’s 11 major sectors, behind energy, technology was the second biggest decliner, losing 1%, with Apple hastening the decline as it ended the day with a market valuation below $2 trillion for the first time since March 2021.
MacDailyNews Take: Happy New Year! 🥂
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America gets what Zuckerberg paid for.
Too bad all we get is your nonstop butthurt bitching
Aaaaw…poor old FirstThen.
He raved for months about the coming red tsunami and all he got was a pink stream of piss.
Now all he has left are his conspiracy theories.
All the polls and media pundits predicted a red tsunami and this happened in 2016 the polls predicted Hillary had an 80% chance of winning ON Election Day. Only a brainless mocking Leftist would twist the facts to somehow concoct a HOLLOW VICTORY like the stenographers in Big Liberal Media have been twisting all election coverage.
All I expected win the House and have a comfortable majority. Now DOUBLED what the Democrats enjoyed the last two years as they lost house seats in 2020. Predicted we would NOT win the Senate and its still very tight after Democrat gains. Blue states like California and New York saw epic losses in historic blue areas and Republicans STILL control the governorships.
So, RED MISSION ACCOMPLISHED on the successful 2022 election! So what the hell are you crowing about, false one!?…
She did get more votes, 3MM of them, but yes, not how it works. It’s the Electoral College. Proof the system is rigged.
cynic: Proof of your ignorance of, and betrayal of, what the founders established as the legal framework upon which the legal contract with the citizens maintains legitimacy. The greatest system in world history; and one which you want to dump in the trash because of your loyalty to a political party—which was never part of the founding and which Thos. Jefferson warned would lead to partial, and eventually ultimate destruction of the entire edifice. Stop being a traitor…….
Yes, your ignorance is showing and the only system that is rigged favors tyranny of the majority rules fine by you. The less than 3 million votes were attributed to five blue counties under vast Democrat majority control in NY & Calif. One problem, the brilliant CONSTITUTION prevents mob rule and allows citizens in EVERY STATE to participate. Suck it buttercup!…
I bought more Apple shares today.. always buy on the down.. but Apple needs to stop hiring and listening to the losers from other companies they hired.. Apple did well with only 3 iPhones.. the base, the pro and the pro Max.. now they have the base the base plus..the pro the pro max ! WTF ! Just make 3 iPhones .. and stop with the camera!! I am not shooting cinema!! I like the photos as they are.. make improvements but let’s make the iPhone more than a camera! The processors are so fast now that we need new software features not camera! Apple needs a new Steve !
“listening to the losers from other companies they hired”
I’m not exactly sure what was meant, but it touches a nerve. Apple looks and acts like every big company…there’s little now that truly differentiates.
SJ was concerned about products that please the customer. TC is more concerned about pleasing (even the Chinese).