Bears Prowl Wall Street As Magnificent 7 Tumble; Bitcoin Sinks After Record High: What’s Driving Markets Tuesday?
Volatility knocked on the doors of Wall Street on Tuesday, with major indices all in the red during midday trading as mega-cap tech stocks plunged simultaneously.
All the Magnificent Seven names experienced losses. Tesla Inc. (NASDAQ:TSLA) nosedived over 4%, while Apple Inc. (NASDAQ AAPL) shed 2.7%, marking its fifth consecutive session of losses. This decline followed a report indicating a 24% drop in iPhone sales in China during the first six weeks of 2024.
On the data front, signals were mixed. The ISM Services PMI reported a lower-than-expected expansion in February, and factory orders sharply declined in January.
Elsewhere, Bitcoin continued to seize headlines. The largest cryptocurrency surged past all-time highs above $69,000 before plunging by 6% just minutes after reaching the milestone, reflecting some profit-taking behavior among investors.
Meanwhile, Treasury yields experienced a modest downturn as investors pondered the increasing likelihood of Federal Reserve interest rate cuts …
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