Title: Tech Stocks Lead Market Decline as Apple and Advanced Micro Devices Face Challenges in China
The stock market experienced a significant downturn on Tuesday, with tech stocks taking the lead in retreating from the record highs set just last week. The Dow Jones Industrial Average declined by 502 points, representing a 1.3% decrease. The S&P 500 slipped by 1.4%, while the Nasdaq Composite saw a more substantial loss of 2.1%.
A week prior, both the Nasdaq Composite and S&P 500 reached new all-time highs for the first time since early 2021. However, Tuesday’s market conditions painted a different picture as investors reassessed their positions in response to recent developments.
One of the most notable declines came from Apple Inc., which saw its shares drop by 2.9% in the afternoon following a report from Counterpoint Research indicating that iPhone sales in China had plummeted by 24% year-over-year during the first six weeks of 2024. Apple faces intense competition from domestic players like OPPO, Vivo, and Xiaomi.
Additionally, shares of Advanced Micro Devices (AMD) slipped by 1.3% following a report from Bloomberg News that cited anonymous sources stating regulatory hurdles in the sale of AMD’s ai processor in China.
These challenges did not spare other tech stocks, with Nvidia shares falling 0.3%, Meta Platforms (Facebook) declining by 2%, Microsoft losing 3.2%, and Micron Technologies dropping by 1.9%.
Despite the broader market downturn, all sectors within the S&P 500 saw declines on Tuesday except for energy and consumer staples. However, amidst this volatility, gold continued to rise, settling at another record high of $2,141.90 a troy ounce.
This developing story will be updated as more information becomes available.
H1: Stocks Tumble with Tech Sector Leading the Way
H2: Apple’s iPhone Sales in China Plummet by 24%
H2: AMD Faces Regulatory Hurdles in Selling ai Processor in China
H1: Other Tech Stocks Also Decline Amidst Market Turmoil
H1: Gold Continues to Rise as Market Volatility Persists.
