both slipped, weighing on the broader market and carrying forward a main theme from 2022, when the technology sector was hit hard as the Federal Reserve raised rates to fight inflation. Tesla fell 12.24%, hitting its lowest level since August 2020, following disappointing fourth-quarter deliveries. Apple shed 3.74% on reports that it will cut production due to weak demand.
In fact, the S&P 500 has, on average, rebounded by 15% in the next year following a year where it lost more than 1%. They're also looking forward to Friday's December jobs report, the final employment report the Fed will have to consider before its next meeting on Feb. 1. There are also several speeches by Fed presidents scheduled Thursday and Friday.Netflix is among the best positioned stocks as advertising recession looms, Evercore ISI's Mahaney says
"Revenue growth is going to be slowing down for almost all of these names unless they have a new product cycle, unless they're somewhat recession resilient," he said.Stocks started the new year off with a disappointing first day as some of the same themes that weighed on markets in 2022 continued in 2023.
The Federal Reserve's aggressive tightening cycle has already tamed both fears and expectations related to the high inflation that dominated 2022, according to Rosenblatt Securities.
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