U.S. stocks tick down as Apple drags tech sector lower
Time:2024-05-21 07:30:26 Source:healthViews(143)
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.
Previous:Target to lower prices on basic goods in response to inflation
Next:Hall of Fame outfielder Ken Griffey Jr. to lead Indianapolis 500 field in Corvette pace car
You may also like
- College baseball notebook: Conference tournaments to decide NCAA automatic bids and many at
- China wins 2023 FIBA 3x3 Women's Series in Wuhan
- Highlights of team competitions of 2022 Chinese National Table Tennis Championships
- Friendly visa policies to help boost tourism
- I was 'brokefished' by my friend for £400
- China Focus: China embraces wider winter sports, leisure participation
- Loeb holds off Peterhansel on Dakar Rally 4th stage
- Full Text of Xi's Signed Article on S. African Media
- Candice Swanepoel stuns in a form