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US Stocks Experience a Dip

US stocks faced a decline on Tuesday, stepping further away from record highs amid uncertainties surrounding interest rate cuts and the ongoing strength of tech stocks.

The S&P 500 (^GSPC) decreased by approximately 0.4%, while the Dow Jones Industrial Average (^DJI) dropped around 0.3% following a weak start to the week. Tech-heavy Nasdaq Composite (^IXIC) contracts plunged by about 0.8%, impacted by the persistent decline in Apple (AAPL) and Tesla (TSLA) stocks.

The current discussion centers on whether the tech sector’s recent growth, fueling the soaring stock market, has hit a plateau. Negative news is undermining the “FOMO” ÔÇö fear of missing out ÔÇö that has been driving investor interest.

Apple faced pressure early on after reports of a 24% decline in iPhone sales in China, compounding Monday’s losses following a $2 billion EU antitrust fine. Tesla’s slump continued due to a halt in production at its Berlin Gigafactory, escalating concerns about a shipment slowdown and a price war in China.

Additionally, confidence in anticipated rate cuts by the Federal Reserve wavered after comments from policymaker Raphael Bostic, who foresees only one rate reduction this year slated for the third quarter.

Investors are eagerly awaiting Federal Reserve Chair Jerome Powell’s congressional testimony for any shifts in the stance that inflation must be under control before any policy adjustments.

Meanwhile, bitcoin (BTC-USD) briefly touched $68,000 before retreating amidst cautious market sentiment, still trading above $67,000 and remaining close to a new all-time high surpassing $68,789.

In corporate news, Target (TGT) exceeded Wall Street predictions with its earnings, resulting in a more than 10% surge in early market trading.

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