The major U.S. averages may have had too much Christmas turkey, ending the first post-holiday session in the red across the board.
The Nasdaq was the day's biggest loser, falling 0.34% to 6,936.25, while the Dow fell 0.03% to 24,746.21 and the S&P 500 dropped 0.11% to 2,680.50.
Apple Inc. (AAPL) - Get Report fell 2.54% to $170.57 following a report from Taiwan's Economic Daily suggesting that iPhone X demand could be softer than expected in the first quarter. The newspaper predicted that Apple will cut its iPhone X sales forecast to 30 million units in the quarter, down from 50 million. Apple has not publicly disclosed its internal sales targets for the device.
One analyst firm refuted the story about weak iPhone X demand, with Rosenblatt Securities reiterating its "buy" rating and $180 price target for Apple.
Americans flocked to retailers during the holiday sales season in 2017, increasing holiday retail sales 4.9% year over year, according to a sales report released by Mastercard SpendingPulse.
Online retail had an even sharper increase, rising more than 18% year over year.
Retail stocks are expected to report a strong holiday shopping season, and equities like Macy's (M) - Get Report benefitted, rising 4.6%. Kohl's Corp. (KSS) - Get Report shares climbed 5.96% while Dick's Sporting Goods (DKS) - Get Report climbed 2.56% during the session.
FANG stocks struggled Tuesday with Facebook Inc. (FB) - Get Report and Netflix Inc. (NFLX) - Get Report leading the way lower, down 0.68% and 1.15%, respectively, while Amazon.com Inc. (AMZN) - Get Report was able to reverse its earlier losses and close the day up 0.72%. Shares of Alphabet Inc. (GOOGL) - Get Report declined 0.32%.
Not every banking institution will benefit from the GOP tax bill that was just signed into law. Capital One Financial Corp (COF) - Get Report shares fell 0.59% Tuesday after the company announced that it was cutting its stock buyback program due to a $1.9 billion charge related to the new tax bill. The company expects to maintain its $0.40 per share quarterly dividend.
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