A slide in tech giants like Apple Inc. and Tesla Inc. weighed heavily on the market, with the S&P 500 falling for a fourth consecutive session. Meta Platforms Inc. tumbled 5% on a report the European Union is targeting the Facebook owner’s ad model.
“We have not yet seen the bottom on equity prices,” said Lauren Goodwin, portfolio strategist at New York Life Investments. “While this phase of equity market volatility is likely to end in the next few months, earnings have not yet adapted to a recessionary environment.”
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