Market Recap – January 3rd 💰

Market Recap – January 3rd

On the first trading day of 2023, Wall Street’s main indexes declined due to significant losses in Tesla and Apple. Investors were also waiting to release the minutes from the Federal Reserve’s last policy meeting for further insight into the future trajectory of interest rate increases.

Looking at specific investments, we’re watching T-Mobile and Apple. T-Mobile’s stock price declined by 1.7% after being downgraded from “perform” to “peer perform” by Wolfe. The downgrade was due to the slowing growth in the telecommunications industry, but Wolfe acknowledged that T-Mobile “remains a great story.” Apple’s shares declined by more than 3% on Tuesday, causing its market capitalization to fall below $2 trillion for the first time since May. This followed challenges with shipping the iPhone 14 Pro due to COVID-related restrictions at the company’s primary factory in China, as well as concerns about the potential impact of rising interest rates and declining consumer confidence on demand for Apple’s high-priced products.

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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