Dow falls to open new year, weighed by Apple, Tesla; European markets close higher as travel stocks get a boost; German inflation lower than expected
U.S. stocks were off to a slow start in the new year, weighed by slumping tech giants as investors await this week’s minutes of the Federal Reserve’s last meeting.
The Dow Jones Industrial Average was down 11 points or flat, while the S&P 500 was down 0.4% and the NASDAQ Composite was down 0.7%. All three indexes had recovered some of their losses during the day.
Apple shares (NASDAQ:AAPL) fell 3.7% and closed just below a $2 trillion market value for the first time since 2021. Meanwhile, shares of electric vehicle maker Tesla Inc (NASDAQ:TSLA) fell more than 12% on Tuesday, after falling 65% for 2022, after it reported lower-than-expected deliveries for the quarter and year.
The pan-European Stoxx 600 closed up 1.2%, with almost all sectors in positive territory. Europe’s banking index rose 2.4% to lead gains, while oil and gas stocks bucked the trend to end the session down 0.7%.
Germany published lower-than-expected inflation figures for December, down to 9.6% year on year. They will be followed by inflation figures from France on Wednesday, Italy on Thursday, and a flash estimate for the whole euro area on Friday.
Source: CNBC, Investing.com