US Stocks Start 2023 Lower; Treasuries Advance: Markets Wrap
- The dollar rose the most in nearly three weeks; oil fell
- Traders will parse a bevy of economic data this week
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US stocks declined on Tuesday as Tesla Inc. and Apple Inc. highlighted slowing demand, stoking concern about what lies ahead for growth stocks and the US economy as the Federal Reserve prepares to keep raising interest rates. Treasuries advanced and the dollar climbed the most in nearly three weeks.
The S&P 500 and the Nasdaq 100 ended the first trading session of 2023 in the red, but came off session lows as the closing bell rang. Apple’s decline, as concerns about iPhone supply mount, pushed the firm’s market value below $2 trillion. The firm has told suppliers to make fewer components for some of its products because of withering demand. Tesla fell the most since 2020 after it delivered fewer vehicles than expected last quarter.