US stocks dropped on Tuesday, pulling further away from record highs as uncertainty over interest rate cuts and a shakeup in “Magnificent 7” stocks brought a note of wariness to the market.
Contracts on the tech-heavy Nasdaq Composite (^IXIC) led the declines, sinking about 1.8% as a retreat in Apple (AAPL) and Tesla (TSLA) continued to drag on stocks more widely.
Apple came under pressure after a report that iPhone sales fell 24% in China, adding to Monday’s loss in the wake of a $2 billion
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