Stocks Slide as Apple Drags Tech Lower on iPhone Demand Worries
• US stocks fell Tuesday morning, setting Wall Street up for a downbeat start to 2024 after a winning year that left the S&P 500 just short of a new record high.
• Apple (AAPL) shares fell 1.7% as tech stocks slid after Barclays analysts downgraded their rating on Apple's stock, citing concerns about demand for new iPhones.
• The US manufacturing sector fell further into contraction during December according to new data from S&P Global showing its manufacturing PMI index posted a reading of 47.9.
• Shares of Apple sunk more than 3% during morning trading on Tuesday, following a downgrade from Barclays analysts who foresee cooling demand for the iPhone 15.
• Stocks began the first trading day of 2024 in the red, placing the year-end rally on hold as the pause in momentum carried over from Friday.