(Image by Mediamodifier from Pixabay)
(CNBC) -- Stocks closed lower Tuesday, giving up earlier gains, as concerns such as rising rates and high inflation that knocked the market down last year continued to trouble investors in the new year.
The S&P 500 fell 0.40% to close at 3,824.14 slipping from highs of the day when December’s manufacturing index declined at the fastest pace since May 2020. The Dow Jones Industrial Average ended the day down 10.88 points, or 0.03%, to 33,136.37 as shares of Boeing offset losses. The Nasdaq Composite shed 0.76% to 10,386.99.
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Shares of Tesla and Apple both slipped, weighing on the broader market and carrying forward a main theme from 2022, when the technology sector was hit hard as the Federal Reserve raised rates to fight inflation. Tesla fell 12.24%, hitting its lowest level since August 2020, following disappointing fourth-quarter deliveries. Apple shed 3.74% on reports that it will cut production due to weak demand.
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