U.S. stocks tick down as Apple drags tech sector lower
U.S. stocks ended lower on Tuesday, as a decline in Apple shares dragged the tech sector lower.
The Dow Jones Industrial Average decreased 37.45 points, or 0.15 percent, to 24,754.75. The S&P 500 lost 8.69 points, or 0.32 percent, to 2,681.47. The Nasdaq Composite Index was down 30.91 points, or 0.44 percent, to 6,963.85.
Shares of Apple fell more than one percent on Tuesday, after Nomura Instinet downgraded the tech giant's stock from buy to neutral.
Meanwhile, Wall Street also eagerly awaited a vote on tax reform. House and Senate Republicans are planning to pass a package this week, with major elements including lower corporate and top individual tax rates.
Media reported House members Tuesday voted to pass the tax bill, which would cut the federal corporate tax rate to 21 percent from 35 percent.
U.S. equities have posted solid gains and notched record highs several times since the Election Day, partially boosted by expectations of lower corporate taxes.
The three major indices notched record closes on Monday.
"All this as optimism piles upon optimism. Like the proposed tax plan or not, there is no denying that what appears before us is incredibly friendly toward business, and that changing environment is not lost on the investing public," said Stephen Guilfoyle, president of Sarge986 LLC, on Tuesday.
On the economic front, U.S. privately-owned housing starts in November were at a seasonally adjusted annual rate of 1.297 million units, the Commerce Department reported Tuesday.
This is 3.3 percent above the revised October estimate of 1.256 million and 12.9 percent above the November 2016 rate of 1.149 million.
Related articles
- Tom Holland enjoyed a post-show cup of tea and proudly waved to fans as he left the Duke of York's T2024-05-21
Astronauts selected for Shenzhou
(ECNS) -- Crew members for China's upcoming manned space missions, Shenzhou-18 and Shenzhou-19, have2024-05-21Indians in China say life was peaceful in China until Indian's ban of WeChat
A plate of "Wechat Pay". (Xinhua/Li Mangmang) Many Indian people in China said that their life in Ch2024-05-21Foldable phones surge in popularity amid stagnant market
(ECNS) -- With continuous technological advancements, shipments of foldable phones have seen consecu2024-05-21Bella Hadid goes braless in a thigh
She is one of America's most recognisable fashion models.And Bella Hadid continued to show why she i2024-05-21Three giant pandas born in Belgium to head back to China
(ECNS) -- Three giant pandas, Tian Bao, and twins Bao Di, Bao Mei, born at Belgium's Pairi Daiza zoo2024-05-21
atest comment