Nasdaq pulls back after steep declines from big tech names

Note: Figures recorded at 7:40am AEDT. Updated figures and a video recording will be available at 9am AEDT.

US stocks fell for a second session Tuesday, as steep declines in major tech names such as Apple dragged the broader market further from the record highs recently reached.

The Nasdaq Composite pulled back by around 2% as technology stocks felt the brunt of the market’s drop. The Dow Jones Industrial Average lost 483 points, or 1.3%. The S&P 500 dipped 1.3%.

Apple slipped almost 3% on the back of a report from Counterpoint Research that found iPhone sales plunged in China in the first six weeks of 2024.

Several other mega-cap technology stocks including Tesla, Netflix and Microsoft shed more than 3%. The S&P 500′s information technology sector led the broad index down with a drop of 2.5%.

AMD fell 1.5% after Bloomberg News reported the chipmaker hit a regulatory snag that will prevent it from selling an artificial intelligence chip to China. GitLab tumbled more than 21% after the software company posted a weak forecast for the full year.

Beyond technology, Target jumped more than 12% after holiday-quarter earnings came in stronger than Wall Street forecasted. AeroVironment rallied more than 26% following a better-than-anticipated quarterly report and outlook from the defense company.

Tuesday’s moves come as investors digest the market’s recent rally to all-time highs, which has been powered by optimism around artificial intelligence. Despite the intraday losses, the three major averages are solidly higher year to date.

Bitcoin was the latest asset to hit a record, notching an all-time high on Tuesday. However, the digital currency quickly moved into the red after breaking the high for the first time in two

In commodity-related news, Canada and Australia have formally agreed to collaborate on advancing shared priorities concerning the extraction, processing, and refining of critical minerals, as stated in a joint ministerial statement. Additionally, both countries will actively advocate for transparency in supply chains and the implementation of robust Environmental, Social, and Governance (ESG) standards within critical minerals markets, recognising the anticipated surge in demand amid the global shift towards clean energy.
Figures around the globe

European markets closed mixed. London’s FTSE added 0.08 per cent, Frankfurt fell 0.1 per cent, and Paris closed 0.30 per cent lower.

Turning to Asian markets, Tokyo’s Nikkei fell 0.03 per cent, Hong Kong’s Hang Seng dropped 2.61 per cent and China’s Shanghai Composite gained 0.28 per cent..

Yesterday, the Australian share market closed 0.15 per cent lower at 7,724.20.

Accent Group Ltd (ASX:AX1) is paying 8.5 cents fully franked
Capitol Health (ASX:CAJ) is paying 0.5 cents fully franked
Equity Hl (ASX:EQT) is paying 51 cents fully franked
Hearts and Minds (ASX:HM1) is paying 7 cents fully franked
Jupiter Mines. (ASX:JMS) is paying 1 cent unfranked
Laserbond Limited (ASX:LBL) is paying 0.8 cents fully franked
Monadelphous Group (ASX:MND) is paying 25 cents fully franked
Northern Star (ASX:NST) is paying 15 cents unfranked
Pacific Grp Ltd (ASX:PAC) is paying 15 cents unfranked
QBE Insurance Group (ASX:QBE) is paying 48 cents 10 per cent franked
Reliance Worldwide (ASX:RWC) is paying 3.459 cents unfranked
Smartgrp Corporation (ASX:SIQ) is paying 32 cents fully franked
Skycity Ent Grp Ltd (ASX:SKC) is paying 4.8704 cents unfranked
Servcorp Limited (ASX:SRV) is paying 12 cents 20 per cent franked
Shaver Shop Grp Ltd (ASX:SSG) is paying 4.7 cents fully franked
Super Ret Rep Ltd (ASX:SUL) is paying 32 cents fully franked
Treasury Wine Estate (ASX:TWE) is paying 17 cents 70 per cent franked

Dividends payable
Magellan Financial Group Ltd (ASX:MFG)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.

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