Tech leads sell-off to start 2024

Call it profit-taking after the December rally and/or a rare analyst downgrade of Apple, but red overflowed on trading screens throughout the first session of 2024.

Apple closed -3.58% and Intel -4.88% along with many of its peers. Cruise liners also sank, with Norwegian finishing -8.58% and Royal Caribbean -7.22%. However, Moderna soared 13.12% after an analyst upgrade. The S&P closed -0.57%, the Nasdaq -1.63%, and the Dow added 0.07%. The U.S. 10-year yield edged up to 3.93% while Bitcoin continued to rally by adding 1.65% to US$44,900.

The TSX also saw losses, though fared better, down 0.43%. Only four sectors were positive, led by telcos and energy while financials, real estate and, particularly, tech lagged. Key movers were First Quantum Minerals which rebounded 10.32% following sharp selling last month. Meanwhile, Osisko Mining rallied 3.37% while BNS closed -1.81%, Lightspeed -6.76% and Shopify -4.62%. WTI fell 1.6% to $70.50 a barrel.

🍎 Apple Inc (AAPL-Q) -3.58%

💾 Intel (INTC-Q) -4.88%

🚢 Norwegian Cruise Line Holdings (NCLH-N) -8.58%

🚢 Royal Caribbean Cruises (RCL-N) -7.22%

💉 Moderna (MRNA-Q) +13.12%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1.65%

⛏ First Quantum Minerals (FM-T) +10.32%

⛏ Osisko Mining (OSK-T) +3.37%

🏛 Bank of Nova Scotia (BNS-T) -1.81%

💾 Lightspeed Commerce Inc (LSPD-T) -6.76%

🛍 Shopify Inc. (SHOP-T) -4.62%