Apple leads megacap losses
A selloff in major tech stocks pulled markets lower, ending a three-day rally that had brought the S&P 500 close to its record highs. Equities paused their upward trend, with Apple spearheading declines among megacap stocks, while Tesla remained largely unchanged after an earlier nearly 3% surge.
Rita Nazareth and Andre Janse Van Vuuren for Bloomberg News:
Despite Wednesday’s losses, the S&P 500 has seen a torrid rally from the brink of a bear market in April. Much of the rebound, which topped 20%, has been pinned on hopes that Trump would lower his tariffs after reaching deals with countries around the world.
“Given the rebound in equities and elevated expectations, the bar has been raised to break out to a fresh high, likely requiring an increase in earnings expectations,” said Mark Hackett at Nationwide.
MacDailyNews Note: Apple has currently slipped back below $200, trading at $198.86, -$3.81 (-1.88%) as of 3:43pm EDT.
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