A down day for the major US indices

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.