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Traders pulled away from Apple and Nvidia<\/p>\n\n\n\n
By Karen Langley<\/a><\/p>\n\n\n\n Sept. 8, 2023 4:35 pm ET<\/p>\n\n\n\n The S&P 500 ticked lower for the week, weighed down by losses in tech heavyweights <\/p>\n\n\n\n .Apple shares ended the week down 6% after China ordered central-government officials to stop using iPhones<\/a>. Shares of Nvidia, the graphics-chip maker at the heart of the AI boom, dropped 6.1% for the week. Its stock remains up more than 200% this year.<\/p>\n\n\n\n Both tech stocks have a major influence on the broad U.S. stock index. At the end of August, Apple and Nvidia were responsible for almost 30% of the S&P 500\u2019s 2023 total return, <\/strong>including dividends, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.<\/p>\n\n\n\n The S&P 500 fell 1.3% for the week while the tech-heavy Nasdaq Composite declined 1.9%. The Dow Jones Industrial Average, which includes Apple but not Nvidia, slipped 0.7%.<\/p>\n\n\n\n Index performanceSource: FactSet<\/p>\n\n\n\n Sept. 6Sept. 8-2.75-2.50-2.25-2.00-1.75-1.50-1.25-1.00-0.75-0.50-0.250%Dow industrialsS&P 500Nasdaq Composite<\/p>\n\n\n\n Investors said they were questioning the rally in tech shares that has lifted the market higher this year. The technology sector pulled back 2.3% for the week, trimming its year-to-date gains to 41%. <\/p>\n\n\n\n \u201cYou\u2019re finally starting to see a more intelligent look at artificial intelligence,\u201d said Dan Genter, chief executive and chief investment officer at Genter Capital Management. <\/strong><\/p>\n\n\n\n While companies including Microsoft and Nvidia are likely to benefit in the near-term from advances in AI, he said, \u201cthere\u2019s a lot of other companies that the true benefit to earnings is very suspect.\u201d<\/strong><\/p>\n\n\n\n If you have trouble opening full article and would like to receive it please contact us.<\/p>\n","protected":false},"excerpt":{"rendered":" Quoted from The Wall Street Journal: Traders pulled away from Apple and Nvidia By Karen Langley Sept. 8, 2023 4:35 pm ET The S&P 500 ticked lower for the week, weighed down by losses in tech heavyweights .Apple shares ended the week down 6% after China ordered central-government officials to stop using iPhones. Shares of Nvidia, the …<\/p>\nClick Here To View The Full Article<\/a><\/h3>\n\n\n\n