Apple (AAPL ) controlled all three major U.S. market averages on Tuesday after the tech company warned that its quarterly revenue may not meet its guidance as the coronavirus affects its supply chain.
The Dow Jones plunged as much as 280 points but pared some of its losses and ended Tuesday's session own 165 points, marking its third straight day of decline. The S&P 500 only fell by a small margin due to the 53 component stocks that reached all-time highs on Tuesday. Those stocks include Alphabet (GOOGL ), Visa (V ), AMD (AMD ), Mastercard (MA ), and MSCI (MSCI ). However, the Nasdaq gained closed to another record close as stocks like Netflix (NFLX ), Facebook (FB ) and Tesla (TSLA ) saw high performance gains.
Here's how the stock market closed at the start of a short trading week:
S&P 500 Index (SPY ): -0.29% or -9.87 points to 3,370.29
Dow Jones Industrial Average (DIA ): -0.56% or -165.89 points to 29,232.19
Nasdaq Composite Index (QQQ ): +0.02% or +1.57 points to 9,732.74
In Major Stock News, following Apple's lead, major chip stocks including Qorvo (QRVO ), Broadcom (AVGO ), Micron (MU ), Intel (INTC ), Skyworks Solutions (SWKS ), and Lam Research's (LRCX ) shares dropped. General Motors (GE ), Fiat Chrysler (FCAU ), Toyota Motor (TM ) and Mondelez (MDLZ ) have all confirmed that they have at the least restarted their factory production in China. Kroger (KR ) shares jumped up over 5% after Berkshire Hathaway (BRK.A ) announce a new stake in the grocery chain. Virgin Galactic (SPCE ) has continued its rally on Tuesday, with the space tourism closing the trading day up over 5%.
In Stock Sector News, most sectors declined on Tuesday, though few pulled ahead. The three that saw performance gains were Utilities +0.79%, Communication Services +0.40% and Consumer Discretionary +0.08%. The rest that had negative performance during Tuesday's trading period include Financials -0.89%, Energy -0.83%, Industrials -0.56%, Consumer Staples -0.41%, Health Care -0.37%, Information Technology -0.35%, Materials -0.23% and Real Estate -0.15%.
Lastly, in Commodity and Currency News, crude barrel prices rebounded on Tuesday, with West Texas Intermediate (USO ) increasing almost +1.30% and Brent Crude (BNO ) climbing almost +0.40%. Gold (GLD ) also saw a good influx of share growth, with the yellow metal's price increasing +1.31%. Finally, the U.S. Dollar (UUP ) also recorded gains, with the DXY Index growing +0.32%.