Wall Street stocks have begun the year with a technology-led hangover after the rally that ended 2023 turned cautious, sending tech stocks to their worst day in more than two months.
The Nasdaq Composite closed down 1.6 per cent for its weakest performance since October 26 while the blue-chip S&P 500 ended down 0.6 per cent — its poorest day in almost a fortnight.
Chipmakers and Apple headlined the tech fallers dragging the Nasdaq and the S&P lower. The consumer tech giant dropped 3.6 per cent for its weakest showing in almost four months after Barclays analysts downgraded it to the equivalent of a “sell” rating — only the company’s second such rating from analysts in at least two years.
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