The Nasdaq was dragged down by a drop in Apple Inc on Morgan Stanley's iPhone shipment target cut and a fall in Tesla Inc over production loss worries.The Nasdaq was dragged down by a drop in Apple Inc on Morgan Stanley's iPhone shipment target cut and a fall in Tesla Inc over production loss worries.
Markets have also been rattled by downbeat comments from top executives at Goldman Sachs Group Inc, JP Morgan Chase & Co and Bank of America Corp on Tuesday that a mild to more pronounced recession was likely ahead. “It feels like we’re in this very uncertain period where investors are trying to ascertain what’s more important, as policymakers are slowing down on rates but the data is not playing ball,” said Craig Erlam, senior market analyst at OANDA. “The market is trying to balance the headwinds and the tailwinds and this is causing some confusion.”
According to preliminary data, the S&P 500 lost 6.63 points, or 0.17%, to end at 3,934.63 points, while the Nasdaq Composite lost 54.77 points, or 0.50%, to 10,960.12.Concerns about a steep rise in borrowing costs have boosted the dollar, but dented demand for risk assets such as equities this year.Few of the 11 major S&P sector indexes were higher, with healthcare one of them.Energy fell for its fifth straight session.