US stocks slump in first trading day of 2023 as recession fears weigh on investors
Tech stocks led the decline, with after missing delivery goals in the fourth quarter while Apple slid 4% on reports of weakening demand, bringing its market cap below $2 trillion intraday for the first time since May. The last time Apple closed below $2 trillion was June 2021.
Early Tuesday, S&P Global's US purchasing managers index for manufacturing fell below forecasts and indicated the steepest contraction in activity since May 2020. The November Job Openings and Labor Turnover Survey on Wednesday and the December payroll report on Friday will offer some guidance on the Fed's next policy move, as Chairman Jerome Powell has cited a tight labor market as one of the reasons why rates must remain restrictive.
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