"Tech Stocks Drag Down S&P and Nasdaq in 2024's Rocky Start"
TL;DR Summary
The S&P 500 and Nasdaq Composite indices started 2024 on a downward note, primarily due to a decline in Apple shares after a Barclays downgrade and a general dip in big tech stocks as U.S. Treasury yields rose. Despite the previous year's gains fueled by AI optimism and stable inflation, tech stocks suffered from the prospect of less favorable interest rates. Healthcare was a strong sector, thanks to Moderna's surge after an upgrade by Oppenheimer. Meanwhile, Tesla remained flat despite record Q4 deliveries, and crypto stocks saw a boost as Bitcoin reached a price not seen since April 2022.
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