Tech Bulls Lose Their Grip as Stocks Rally Pauses: Markets Wrap
- Dollar advances against basket of emerging market currencies
- Some of last year’s biggest bulls see 2024 gains for stocks
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Stocks and Treasuries kicked off 2024 on a sour note as last year’s rally stalled and traders reined in their bets on interest-rate cuts.
The Nasdaq 100 index slid 1.7% Tuesday, the benchmark’s biggest drop in two months, as last year’s winners — the tech giants dubbed the Magnificent Seven — slumped. Apple Inc. fell after an analyst at Barclays Plc warned that iPhone demand is cooling, Nvidia Corp. and Facebook parent Meta Platforms Inc. also sank. Yield on the 10-year Treasury rose to 3.94% amid a heavy slate of corporate debt issuance.