U.S. stocks tick down as Apple drags tech sector lower

Release time：2024-05-08 01:01:40 Source：Earthly Insights news portal

　　 U.S. stocks ended lower on Tuesday, as a decline in Apple shares dragged the tech sector lower.

　　The Dow Jones Industrial Average decreased 37.45 points, or 0.15 percent, to 24,754.75. The S&P 500 lost 8.69 points, or 0.32 percent, to 2,681.47. The Nasdaq Composite Index was down 30.91 points, or 0.44 percent, to 6,963.85.

　　Shares of Apple fell more than one percent on Tuesday, after Nomura Instinet downgraded the tech giant's stock from buy to neutral.

　　Meanwhile, Wall Street also eagerly awaited a vote on tax reform. House and Senate Republicans are planning to pass a package this week, with major elements including lower corporate and top individual tax rates.

　　Media reported House members Tuesday voted to pass the tax bill, which would cut the federal corporate tax rate to 21 percent from 35 percent.

　　U.S. equities have posted solid gains and notched record highs several times since the Election Day, partially boosted by expectations of lower corporate taxes.

　　The three major indices notched record closes on Monday.

　　"All this as optimism piles upon optimism. Like the proposed tax plan or not, there is no denying that what appears before us is incredibly friendly toward business, and that changing environment is not lost on the investing public," said Stephen Guilfoyle, president of Sarge986 LLC, on Tuesday.

　　On the economic front, U.S. privately-owned housing starts in November were at a seasonally adjusted annual rate of 1.297 million units, the Commerce Department reported Tuesday.

　　This is 3.3 percent above the revised October estimate of 1.256 million and 12.9 percent above the November 2016 rate of 1.149 million.

Related articles