Tuesday, April 9, 2024
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US markets slump as tech stocks face pressure

NEW YORK – Wall Street closed lower on Tuesday as the tech-heavy Nasdaq Composite Index slipped, while investors looked ahead to inflation data later this week.

The Nasdaq slid 1 per cent to end at 13,773.61, while the broad-based S&P 500 also lost 0.6 per cent at 4,461.90.

The Dow Jones Industrial Average closed 0.1 per cent lower at 34,645.99.

The gloomy showing came as software giant Oracle posted revenue and guidance that disappointed investors, with its shares falling by more than 13 per cent.

Apple shares dropped as well by 1.7 per cent after unveiling its new iPhone lineup, with its Lightning charger ports replaced on new models by a universal charger after a tussle with the European Union.

The release came as Apple faces declining iPhone sales, with premium prices pushing customers to delay switching to newer models.

The giant is also caught up in diplomatic turbulence between Washington and Beijing.

Shares in other major tech names dipped as well, including Amazon and Google parent Alphabet.

There is also “a big wait-and-see element to today’s moves,” said Mr Craig Erlam of the OANDA trading platform.

“Markets are currently positioning for the possibility of another (interest rate) hike and tomorrow could make or break that ahead of next week’s meeting,” he told AFP.

This comes as traders await key consumer inflation data due on Wednesday morning, which is expected to influence the Federal Reserve’s upcoming rate decision.

“The Fed will likely be a major driver for sentiment over the remainder of the year and this will be key,” Mr Erlam said. AFP

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