CThe Nasdaq Composite Index fell on Thursday (04/01) for a fifth consecutive session of decline - the longest losing streak since October 2022.
At the end of the trading session on January 4, the Nasdaq Composite index lost 0.56%. Since the close of the session on December 27, 2023, this index has decreased by nearly 4%. The S&P 500 index fell 0.3%, recording 4 consecutive sessions of decline. Meanwhile, the Dow Jones index increased by 10.15 points (equivalent to 0.03%).
Large-cap tech stocks like Apple have been underperforming at the start of the year, as lofty valuations and uncertainty over when the Federal Reserve will start cutting interest rates have led investors to worry that the market has become overly optimistic.
Apple shares have fallen more than $51 billion this week and were down more than $11 billion on Thursday after Piper Sandler downgraded them, two days after Barclays also downgraded Apple.
Wall Street's recent performance is in stark contrast to how the market ended 2023. The S&P 500 closed 2023 up more than 24%, while posting its best weekly winning streak since 2004.
However, Steven Wieting, head of investment strategy at Citi Global Wealth, does not believe the recent decline will have much of a lasting impact on the market.
In fact, Mr. Wieting believes the S&P 500 could end the year around 5,000, which would represent a 6% gain from here.
Source: Vietstock
