Traders work on the floor of the New York Stock Exchange (NYSE) on October 30, 2023 in New York City.
Spencer Platt | Getty Images
U.S. stocks fell Tuesday, resuming their 2024 struggles.
The Dow Jones Industrial Average lost 218 points, or 0.6%. The S&P 500 dipped 0.6%, and the Nasdaq Composite pulled back 0.7%.
Several tech names were on the move Tuesday. Unity Software price lost 3% after the company said it would lay off roughly 25% of its workforce, and Netflix shares declined 1.6% on a Citi downgrade. Apple shares were also down about 1%.
On a more positive note, shares of Juniper Networks popped more than 20% on Tuesday after a Wall Street Journal report said Hewlett Packard Enterprise could announce a deal to acquire the networking hardware company for about $13 billion as soon as this week.
Those moves come after a strong trading session for equities. The S&P 500 and the Nasdaq Composite on Monday rallied as mega-cap tech stocks bounced from last week’s declines. Nvidia shares reached an all-time high.
“The market’s really trying to figure out how many cuts we’re going to have this year, and for us, we believe that more equities will see all-time highs at the end of 2024,” said AJ Oden, global investment strategist at JPMorgan Private Bank. “And the reason for that is we believe that technology will have a pretty strong year, and that’ll sort of add to that that tailwind that we’re seeing in equities into the end of the year.”
Later this week, investors will parse through a pair of key inflation readings to gain clarity into the path forward for rate cuts from the Federal Reserve. The December consumer price index is set for release Thursday, followed by the producer price index on Friday.
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