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Pedestrians pass by the Nasdaq market site on Tuesday, January 2, 2024 in New York, USA.
Michael Nagle | Bloomberg | Getty Images
Stock futures fell on Wednesday, putting Wall Street on track for another choppy trade. Nasdaq Composite It was the first daily decline in nearly three months.
futures tied to Dow Jones Industrial Average It fell 111 points, or 0.3%. S&P500 futures and Nasdaq 100 futures They decreased by 0.4% and 0.6%, respectively.
The Nasdaq fell more than 1.6% on Tuesday, its worst day since October, dragged down by major technology stocks and a nearly 4% decline. apple After Barclays downgraded the iPhone maker.
Apple shares fell another 0.5% in premarket Wednesday.
Investors appear to be selling last year’s tech stock winners, surging as markets anticipate monetary easing in 2024. But investors likely held back because the economy is still in a precarious position and there is still uncertainty about when the Federal Reserve will eventually start cutting interest rates. their enthusiasm.
Tech giants and “Magnificent 7” members Nvidia, tesla and meta Both fell more than 1% in premarket trading Wednesday. This pullback is US 10 year government bond The focus is once again on the all-important 4% mark, with the previous session around 3.98%.
“This is really the start of the year where the burden of proof is on the Bears,” Strategas’ Chris Bellone said Tuesday on CNBC’s “Closing Bell: Overtime.” “Given the surge in momentum we saw toward the end of 2023, we’re talking about something rare.”
He noted that short-term corrections are not uncommon in markets that are coming off new highs and entering their primary season, and that long-term setups look positive over a six- to 12-month horizon.
The market is coming off a breathtaking year in which all major averages bounced back from a disastrous 2022. S&P500 jumped more than 24%, ending its longest weekly winning streak since 2004, while the Nasdaq rose 43%, its best year since 2020.
Traders will get clues on Wednesday about the state of the economy and where Federal Reserve policy may head next. Minutes of the Fed’s December policy meeting are scheduled to be released on Wednesday. A job report for ISM manufacturing statistics for November and December is also planned.
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