- Wall Street drops in early Tuesday session
- Apple shares extend declines amid lower sales in China
- Investors await release of ISM data and durable goods orders report
The Wall Street indices started Tuesday's trading session lower. The Nasdaq is currently losing close to 0.82%, the S&P500 close to 0.42% and the Russell 2000 close to 0.79%. Technology companies lagged behind, dragged down by losing Apple and Tesla shares. The economic calendar for today's session focuses on ISM PMI data for the service sector and durable goods orders data.
Source: xStation5
The US2000 index is losing close to 0.52% at the start of Tuesday's trading session, nevertheless, all the while the index remains within the local tops of the technical resistance zone close to 2100 points. A sustained breakout of this zone could encourage the buy side to test the 2132 points zone. The 2050 points zone could now be considered a local support level. Source: xStation
Company news
Albemarle (ALB.US) shares are down 7% early in today's Wall Street session following the company's announced plans to sell US$1.75 billion worth of depositary shares in a public offering.
AMD (AMD.US) is losing 1.6% after the US government put a hurdle in the way of the company's efforts to sell an artificial intelligence chip aimed at the Chinese market, Bloomberg reported.
Apple (AAPL.US) shares are losing more than 2% early in today's session, extending a wave of declines triggered by a 24% drop in iPhone sales in China during the first six weeks of this year.
GitLab Inc (GTLB.US) shares are losing more than 20% after the company projected full-year 2025 revenue and earnings below Wall Street estimates, citing a cautious spending environment due to an uncertain economy. GitLab expects a first-quarter loss of between $12 million and $13 million.
Analyst action
- Stephens cuts target price on shares of UnitedHealth Group Inc to $570 from $605 amid cyber attack by subsidiary Change Healthcare and Justice Department investigation.
- Piper Sandler cuts its target price for Stitch Fix Inc shares to $2.25 from $3. Analysts estimate that the revenue decline illustrates the company's internal difficulties.
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