Categories Technology, U.S. Markets News

S&P 500 falls for the fifth day in a row as Apple, tech stocks tumble

The S&P 500 Index fell on Wednesday with Apple (AAPL) continuing its slip sliding 2.7%, pushing tech stocks further down five sessions in a row.

Tech stocks finally seem to be growing out of its overvaluing zone. Adding to that, fears of stricter regulations gripped the market as a whole.

Fears around iPhone sales seem to be a huge concern for investors. Many think that the tech giant seems to have hit a wall regarding the same. With the stock down for the fifth consecutive day, shares fell as low as 20% from its record high.

Tech sector: FAANG stocks might take more time to recover

Adding to this, banks slipped as the prospective appointment of Democrat Maxine Waters as the US House banking committee chair seemed to have given way to fears of tighter regulations.

When the market opened, it stayed at an optimum level with oil prices rebounding, but tech stocks pulled it down shortly after.

By afternoon, around 1 pm ET, the S&P 500 was down 0.86% while the Dow Jones Industrial Average fell 0.88%. The Nasdaq Composite inched 0.93% down.

In the Dow, apart from Apple, JPMorgan (JPM), Travelers (TRV) and Goldman Sachs (GS) were the top losers, shedding 2% to 2.7%.

From what was a raging bull market till September, it has now become clear that the markets are correcting heavily. Along with this investor fears are mounting on key stocks, especially the tech ones. It is best to diversify your portfolio and not focus on FAANG stocks at this time.

 

Apple Product's iPhone, iPad and Mac Unit Sales

 

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

Infographic: How Starbucks (SBUX) performed in Q1 2023

Starbucks Corporation (NASDAQ: SBUX) reported first quarter 2023 earnings results today. Consolidated net revenues increased 8% year-over-year to $8.7 billion, in line with projections.   Global comparable store sales increased

Earnings: Google parent Alphabet (GOOG, GOOGL) reports lower Q4 profit

Alphabet Inc. (NASDAQ: GOOGL, GOOG) on Thursday reported a 1% increase in fourth-quarter 2022 revenues, with strong contributions from the cloud business. The company, which owns the largest internet search

HOG Earnings: Key quarterly highlights from Harley-Davidson’s Q4 2022 financial results

Harley-Davidson, Inc. (NYSE: HOG) reported fourth quarter 2022 earnings results today. Revenue increased 12% year-over-year to $1.14 billion. Net income attributable to Harley-Davidson, Inc. rose 94% YoY to $42 million,

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top