Wayyy Overdue Correction...
U.S. stocks extended their losses on Tuesday, with the S&P 500 falling by 0.9%, the Dow Jones dropping by 300 points, and the Nasdaq declining by 1.4%, after recent data raised concerns about an economic slowdown. The ISM Services PMI came lower-than-expected and factory orders fell more than anticipated. Mecagap stocks were already under pressure, following big gains last week. Apple was down about 2.7% after a report showed iPhone sales in China fell by 24% in the first six weeks of 2024. Tesla was also down about 4% and Microsoft (-2.3%), Amazon (-1.1%) and Meta (-1.1%) were all in the red. Advanced Micro Devices lost 1.2% after news the company hit a US government roadblock in its efforts to sell an AI chip tailored for the Chinese market.