Stocks gave up an early gain and ended lower Tuesday, a lackluster first trading day of 2023 for Wall Street just days after it closed the books on its worst year since 2008.
The S&P 500 shed a 1% gain and finished 0.4% lower. The Dow Jones Industrial Average slipped less than 0.1% and the Nasdaq composite dropped 0.8%. Small-company stocks also lost ground, pulling the Russell 2000 index 0.6% lower.
Technology stocks were among the biggest weights on the market. Apple fell 3.7%, leaving its market value below $2 trillion for the first time since March 8, 2021. Shares in the iPhone maker fell nearly 27% in 2022, their first annual decline in four years amid a broad slide in technology sector stocks.
Long-term bond yields fell significantly. The yield on the 10-year Treasury, which influences mortgage rates, fell to 3.77% from 3.88% late Friday. Stock and bond markets were closed Monday for the observed New Year’s Day holiday.
Investors are opening a new year with the same concerns that weighed on markets in 2022, leading the benchmark S&P 500 to plunge nearly 20% for the year, just its third annual decline since the financial crisis 14 years ago.