January 16, 2025 at 09:10PM
It is a down day for the major US indices. The declines were led by the NASDAQ index which felt -0.89%. The Russell 2000 was actually higher on the day.
The snapshot of the major indices closing levels shows:
Dow industrial average fell -68.42 points or -0.16% 43153.13
S&P index fell -12.57 points or -0.21% at 5937.34
NASDAQ index fell -172.94 points or -0.89% at 19338.29
The small-cap Russell 2000 gained 3.49 points or 0.15% at 2266.79.
Apple shares got hammered today having his worst day in five months. Companies price fell -4.04% after losing its leadership in China’s smartphone market to domestic rivals, according to Canalys.
Analysts attribute the decline to Apple’s slower adoption of AI features compared to competitors like Huawei.
Huawei has gained market share with its emphasis on 5G technology and advanced AI capabilities, appealing to Chinese consumers.
Apple’s latest iPhone offerings face criticism for lacking cutting-edge AI features, a priority in the Chinese market.
Other Mag 7 names also slumped.
Apple (AAPL): Price Change -9.61, Change % -4.04%
Tesla (TSLA): Price Change -14.40, Change % -3.36%
NVIDIA (NVDA): Price Change -2.62, Change % -1.92%
Alphabet A (GOOGL): Price Change -2.65, Change % -1.35%
Amazon.com (AMZN): Price Change -2.69, Change % -1.20%
Meta Platforms (META): Price Change -5.82, Change % -0.94%
Microsoft (MSFT): Price Change -1.73, Change % -0.41%
This article was written by Greg Michalowski at www.forexlive.com.