U.S. markets were in the red Tuesday on continuing concerns around the timing of the Federal Reserve rate hikes.
Stocks rallied off their lows in the afternoon as Apple (NASDAQ:AAPL) released its new lineup of iPhones and the Apple Watch, but losses accelerated in the session’s final hour. After gaining almost 5% on the release news, Apple shares ended the day lower closing at $97.99, down $.036 or 0.38% on just over triple the stock’s average monthly trade volume.
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Crude Oil was Tuesday’s one gainer, rising 0.1% to settle at $92.75 per barrel, up nine cents on the session. Gold prices followed the equity markets, sliding $5.80 to settle at $1248.5 per ounce, a loss of 0.46%.
The major indexes were all in the red. After Monday’s declines, the Dow Industrials fell 97.55 points Tuesday to close at 17,013.87, down 0.57% (marking its first back-to-back losses in more than five weeks).
The broader S&P 500 index shed 13.10 points, losing 0.65% to close at 1,988.44.
The NASDAQ Composite, which had rallied into positive territory on Apple’s news, ended the session lower at 4,552.29, a loss of 40 points or 0.87% The tech heavy NASDAQ 100, which hit a new intraday high, also ended lower at 4,061.88, down 33.58 points or 0.82%.
Small cap stocks were also under pressure, with the largest percent loss on the day with the Russell 2000 sliding 13.81 points to close at 1,158.5, down 1.18%, a 0.43% loss. The FOX 50 dropped 9.87 points to close at 1,399.88, down 0.70%.