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Wall Street starts 2023 on a downbeat; Apple shares drag

Wednesday January 4, 2023. 12:25 AM , from Mac Daily News
Wall Street’s main indexes closed lower on the first trading day of 2023 with Apple among the biggest drag, while investors worried about the Federal Reserve’s future interest-rate hikes amid rampant U.S. inflation.

Reuters:

Apple Inc shares sank 3.7%, with the iPhone maker hitting its lowest level since June 2021, after a report from Nikkei Asia pointed to weaker demand. In addition, an analyst downgraded their rating of the stock due to production cuts in COVID-19-hit China.

MacDailyNews Take: An “analyst” whom we’ve never covered before today in our 20-plus-year history of covering Apple, no less. Speaks volumes.

The main U.S. stock indexes in 2022 showed their steepest annual losses since 2008 following the Fed’s fastest pace of rate hikes since the 1980s to stamp out decades-high inflation.
“2022 was a terrible year for equity markets. Some of the reasons for that haven’t dissipated because we turned the calendar,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. “There’s still elevated anxiety, uncertainty about the Fed and inflation. Until there’s clarity on that, it’s going to be tough to make any upside headway in equity markets.”
The Dow Jones Industrial Average fell 10.88 points, or 0.03%, to 33,136.37; the S&P 500 lost 15.36 points, or 0.40%, to 3,824.14; and the Nasdaq Composite dropped 79.50 points, or 0.76%, to 10,386.99.
The S&P 500 had shed 19.4% in 2022, marking a roughly $8 trillion decline in market capitalization, while the Nasdaq fell 33.1%, dragged down by growth stocks.
Among the S&P 500’s 11 major sectors, behind energy, technology was the second biggest decliner, losing 1%, with Apple hastening the decline as it ended the day with a market valuation below $2 trillion for the first time since March 2021.

MacDailyNews Take: Happy New Year!
https://macdailynews.com/2023/01/03/wall-street-starts-2023-on-a-downbeat-apple-shares-drag/
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