U.S. stocks ended lower on Tuesday after mixed earnings from Morgan Stanley and Goldman Sachs pressured banks, and as sell-offs in Apple and Boeing weighed on the S&P 500.
Noel Randewich and Johann M Cherian for Reuters:
Apple dropped 1.2% after offering rare discounts on its iPhones in China in response to stiff competition there, days after being overtaken by Microsoft as the world’s most valuable firm.
Federal Reserve Governor Christopher Waller dampened sentiment by saying there should be no rush to cut interest rates even though he was more confident of inflation being on track to meet the Fed’s 2% target.
Traders pared expectations that the Fed might begin its rate cuts in March, with U.S. Treasury yields also rising.
“Certainly valuations are extended, but I think what is happening today is more of a broader consolidation of markets around that idea that investors had gotten a little too optimistic about how willing the Fed would be to ease rates,” said Ross Mayfield, an investment strategy analyst at Baird.
MacDailyNews Take: Apple closed down $2.29 (-1.23%) to $183.63. Here’s to sub-$180, pretty please?!
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
C’mon MDN. A 1.2% drop in AAPL is hardly a sell off. A 7.9% drop in BA is…
I think that investors are waiting for Apple to reveal an A.I. strategy for the future. Wall Street seems obsessed with having A.I. in everything. All of the Magnificent Seven companies except for Apple have given their all in showing how they’re A.I. leaders and how they are going to change the world.
I don’t think Apple will continue to fall in value, but it probably won’t move up much from where it is. I’m Apple long 2004 and I’m not overly concerned about that. I’m just offering an opinion.