Wall Street started 2024 with a slump, giving back some of its powerful gains from the year before.
The S&P 500 fell 0.6% Tuesday. The Dow edged 0.1% higher, and the Nasdaq composite lost 1.6%. Some of the market’s sharper drops came from stocks that were last year’s biggest winners. Apple had its worst day in nearly five months.
Much of Wall Street had been preparing for at least a pause in the rally that had carried the S&P 500 to nine straight winning weeks and the brink of its record. Treasury yields rose to regress a bit following their huge run.
On Tuesday:
The S&P 500 fell 27 points, or 0.6%, to 4,742.83
The Dow Jones Industrial Average rose 25.50 points, or 0.1%, to 37,715.04.
The Nasdaq composite fell 245.41 points, or 1.6%, to 14,765.94.
The Russell 2000 index of smaller companies fell 14.28 points, or 0.7%, to 2,012.80.