WASHINGTON (dpa-AFX) - Stocks have moved mostly lower during trading on Tuesday, extending the pullback seen in the final session of 2023. The tech-heavy Nasdaq has shown a significant move to the downside.
Currently, the Nasdaq is just off its lows of the session, down 271.08 points or 1.8 percent at 14,740.27, while the S&P 500 is down 34.10 points or 0.7 percent at 4,735.73.
The narrower Dow, on the other hand, has recovered from initial weakness and climbed into positive territory. The blue chip index is currently up 26.20 points or 0.1 percent at 37,715.74.
The weakness in the broader markets comes as some traders continue to cash in on recent strength, particularly among technology stocks.
Last year, the Nasdaq skyrocketed by 43.4 percent in 2023, while the S&P 500 soared by 24.2 percent and the Dow surged by 13.7 percent.
A steep drop by shares of Apple (AAPL) is also weighing on the tech sector, with the iPhone maker tumbling by 3.8 percent to its lowest intraday level in well over a month.
The slump by Apple comes after Barclays downgraded its rating on the company's stock to Underweight from Equal Weight.
Meanwhile, some traders remain away from their desks following the New Year's Day holiday, looking ahead to the release of some key U.S. economic data in the coming days.
The Labor Department's monthly jobs report is likely to be in focus, while reports on manufacturing and service sector activity may also attract attention along with the minutes of the latest Federal Reserve meeting.
Sector News
Semiconductor stocks have moved sharply lower, dragging the Philadelphia Semiconductor Index down by 2.9 percent. The index continues to give back ground after reaching a record closing high last Wednesday.
Substantial weakness is also visible among software stocks, as reflected by the 2.6 percent slump by the Dow Jones U.S. Software Index.
Airline stocks are also seeing considerable weakness on the day, with the NYSE Arca Airline Index falling by 1.8 percent.
Computer hardware, brokerage and gold stocks are also seeing notable weakness, while healthcare, pharmaceutical and biotechnology stocks have shown strong moves to the upside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Tuesday, with the Japanese markets closed following an earthquake on New Year's Day. China's Shanghai Composite Index fell by 0.4 percent, while Australia's S&P/ASX 200 Index rose by 0.5 percent.
Meanwhile, the major European markets have all moved to the downside on the day. While the German DAX Index is just below the unchanged line, the U.K.'s FTSE 100 Index and the French CAC 40 Index are both down by 0.3 percent.
In the bond market, treasuries are extending the pullback seen over the two previous sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 7.5 basis points at 3.941 percent.
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