NASDAQ Composite, S&P 500 Start the Year Lower as Apple, Tesla Shares Plunge Ahead of Fed Minutes
The major U.S. stock indexes started the new year under pressure after early session strength succumbed to sharply lower performances by Tesla and Apple. Both stocks were among the worst performers in the benchmark S&P 500 Index and the NASDAQ Composite Index.
While stock specific factors were responsible for the sell-offs in Tesla and Apple, the majority of the selling pressure was fueled by concerns about the Federal Reserve’s interest-rate hiking path ahead of Wednesday’s minutes from its December meeting.
On Tuesday, the Dow Jones Industrial Average settled at 33136.37, down 10.88 or -0.03%. The NASDAQ Composite Index closed at 10386.99, down 79.50 or -0.76% and the S&P 500 Index finished at 3824.14, down 15.36 or -0.40%.
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