financetom
Market
financetom
/
Market
/
US STOCKS-Tech-heavy Nasdaq leads Wall Street lower as megacaps slide
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US STOCKS-Tech-heavy Nasdaq leads Wall Street lower as megacaps slide
Mar 5, 2024 7:59 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

*

US services sector cools in February, ISM survey shows

*

Target ( TGT ) forecasts FY comparable sales above estimates

*

Apple ( AAPL ) drops after China iPhone sales plunge

*

Indexes down: Dow 0.50%, S&P 0.61%, Nasdaq 1.29%

(Updated at 10:10 a.m. ET/1510 GMT)

By Bansari Mayur Kamdar and Amruta Khandekar

March 5 (Reuters) -

Wall Street fell on Tuesday, with weakness in megacap growth

stocks weighing on the Nasdaq as investors assessed a slew of

economic data and awaited remarks from Federal Reserve Chair

Jerome Powell.

Data showed

U.S. services industry growth

slowed a bit in February amid a decline in employment, but

a measure of new orders increased to a six-month high, pointing

to underlying strength in the sector.

The PMI was consistent with continued economic expansion

despite 525 basis points worth of interest rate hikes from the

Fed since March 2022.

Another survey showed factory orders fell 3.6% in

January, compared to estimates of a 2.9% decline.

Traders see a 67.2% chance of the first rate cut this year

arriving in June, as per CME Group's FedWatch tool.

An AI-fueled rally on Wall Street ran out of steam at

the start of this week as focus turns to fresh cues on the Fed's

monetary policy path after signs of sticky inflation in February

dampened hopes of early interest rate cuts.

The benchmark S&P 500 hit a fresh intraday record

high on Monday before closing slightly lower in the run up to

Powell's testimony before lawmakers on Wednesday and Thursday.

"I think he's going to continue to reiterate that the

narrative is going to be rate cuts may be coming (but) there's

no immediate plan to cut them. Thus you see some of the angst in

the tech space," said Ken Polcari, chief market strategist at

Slatestone Wealth.

Apple ( AAPL ) slid 2.8% after a research report showed

iPhone sales in China fell 24% year-on-year in the first six

weeks of 2024 as the U.S. company faced increased competition

from domestic rivals such as Huawei.

Other megacap growth and technology stocks also declined,

with Tesla down 3.3% after its European Gigafactory

near Berlin halted production after a suspected arson attack.

Six of the 11 major S&P 500 sub-indexes declined in early

trading, with rate-sensitive sectors such as technology

leading losses.

A raft of employment data, including the crucial nonfarm

payrolls report, is also due in the coming days.

At 10:10 a.m. ET, the Dow Jones Industrial Average

was down 194.04 points, or 0.50%, at 38,795.79, the S&P 500

was down 31.07 points, or 0.61%, at 5,099.88, and the

Nasdaq Composite was down 209.02 points, or 1.29%, at

15,998.49.

Target ( TGT ) jumped 11.7% after the big-ticket

retailer forecast annual comparable sales largely above

estimates, betting on same-day services, product launches and a

new membership program to boost spending.

Microstrategy ( MSTR ) shed 6.8% after the bitcoin

development company announced a private offering for $600

million in convertible senior notes, with proceeds to be used to

buy bitcoin.

Advancing issues outnumbered decliners by a 1.31-to-1 ratio

on the NYSE. Declining issues outnumbered advancers for a

1.44-to-1 ratio on the Nasdaq.

The S&P index recorded 38 new 52-week highs and four new

lows, while the Nasdaq recorded 53 new highs and 62 new lows.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Coca-Cola, Marriott International And 3 Stocks To Watch Heading Into Tuesday
Coca-Cola, Marriott International And 3 Stocks To Watch Heading Into Tuesday
Feb 10, 2025
With U.S. stock futures trading lower this morning on Tuesday, some of the stocks that may grab investor focus today are as follows: Wall Street expects The Coca-Cola Co. ( KO ) to report quarterly earnings at 52 cents per share on revenue of $10.68 billion before the opening bell, according to data from Benzinga Pro. Coca-Cola shares gained 0.1%...
China, HK stocks snap three-day rally as AI enthusiasm wanes
China, HK stocks snap three-day rally as AI enthusiasm wanes
Feb 10, 2025
SHANGHAI, Feb 11 (Reuters) - China and Hong Kong stocks edged lower on Tuesday, ending a three-day rally, as investor enthusiasm for artificial intelligence and chip stocks cooled, while traders weighed the latest tariff threats from U.S. President Donald Trump. ** China's blue-chip CSI300 Index edged down 0.4% by the lunch break, while the Shanghai Composite Index lost 0.2%. Hong...
Super Micro Computer, Gamestop, McDonald's, Monday.Com, And Tesla: Why These Stocks Are On Investors' Radars Today
Super Micro Computer, Gamestop, McDonald's, Monday.Com, And Tesla: Why These Stocks Are On Investors' Radars Today
Feb 10, 2025
U.S. stocks experienced a positive trading session, with the Nasdaq Composite rising approximately 1% on Monday to 19,714.27. The S&P 500 also saw gains, increasing by 0.7% to 6,066.44, while the Dow Jones Industrial Average edged up slightly by 0.4% to 44,470.41. These are the top stocks that gained the attention of retail traders and investors throughout the day. Super Micro Computer, Inc. ( SMCI ) ...
Russian rouble strengthens vs dollar on higher oil
Russian rouble strengthens vs dollar on higher oil
Feb 11, 2025
MOSCOW, Feb 11 (Reuters) - The Russian rouble strengthened against the dollar and the Chinese yuan on Tuesday with analysts saying that higher prices for oil and increased forex sales by the central bank supported the Russian currency. At 1000 GMT, the rouble was up 0.8% at 95.90 against the dollar, according to data from the over-the-counter market. The rouble...
Copyright 2023-2025 - www.financetom.com All Rights Reserved