The stock market closed sharply lower on Tuesday due to iPhone troubles for Apple and economic reports. Cathie Wood reduced her Coinbase shares while bitcoin reversed course from a record high. Nvidia and Super Micro Computer rebounded in the final hour of trading.
The Dow Jones and other indexes dropped, with the Dow Jones Industrial Average falling 1%. The S&P 500 closed 1% lower, with technology being the weakest sector. The Nasdaq fell nearly 1.7%, and the small-cap Russell 2000 lost 1%. The yield on the 10-year Treasury note fell 8 basis points to 4.14%.
In economic news, the S&P Global Purchasing Managers’ Index beat expectations, but factory orders fell by more than expected. The monthly survey by the Institute of Supply Management came in slightly below views.
Apple shares dropped due to a decline in iPhone sales in China, while IBM shares approached a buy point. Cathie Wood’s Ark Innovation ETF sold Coinbase stock, and bitcoin reversed from a record high. Earnings movers included Target and AeroVironment, while GitLab plummeted due to disappointing results. Duolingo and ACM Research also suffered losses.
Tesla and Nio saw movement in their stock prices, with Nio reversing higher after its fourth-quarter report. Tesla stock continued in a downtrend below the 50-day line. Market updates can be found by following VRamakrishnan on X/Twitter.
