Dow closes more than 350 points lower in broad selloff, Apple tumbles 3%; European markets close mixed as investors assess China reopening, 2023 headwinds
Stocks fell on Wednesday as traders looked to the end of a losing year and braced themselves for 2023. The Dow Jones Industrial Average lost 365.85 points, or 1.1%, to 32,875.71. The S&P 500 fell 1.2% to 3,783.22, and the Nasdaq Composite dropped 1.35% to 10,213.29.
Apple (NASDAQ:AAPL) led the selling in tech, falling more than 3%, as iPhone supply disruption jitters persist amid labor shortages at Foxconn’s main production facility in Zhengzhou, China. Research firm TrendForce cut its estimate on iPhone shipments for 2022 and the first quarter of 2023. The research firm said it expects 47 million units were shipped in Q1, down from a previous estimate of 52M.
Tesla (NASDAQ:TSLA) ended the day 3% higher but investor sentiment on the electric vehicle maker's stock continues to be pressured by concerns about softer demand.
The pan-European Stoxx 600 index reversed initial gains to inch 0.1% below the flatline by the close, with technology shares slumping 0.9% while basic resources stocks rose 0.6%.
Source: CNBC, Investing.com