The Nasdaq Composite slid Wednesday, pressured by falling Apple shares, as stocks tried to recover from new bear market lows.
The Nasdaq Composite was down 0.1%. The Dow gained 69 points, or about 0.2%. The S&P 500 rose 0.2%, one day after falling to a new bear market low.
Shares of Apple were down nearly 4% after a Bloomberg report, citing people familiar with the matter, said the tech company is ditching plans to increase new iPhone production after demand fell short of expectations.
The Bank of England said it would temporarily purchase long-dated UK government bonds in an effort to stabilize the plunging British pound. Sterling briefly popped on the news before trading 0.3% lower against the dollar at $1.0696.
The 10-year U.S. Treasury yield gave back its initial gains after the announcement, last trading at about 3.82%. Earlier in the trading session, the benchmark rate broke above 4% for the first time since 2008.
Wall Street is coming off a mixed session in which the S&P 500 reached a new bear market low of 3,623.29 and posted its sixth straight day of losses, while the Nasdaq Composite eked out a gain.
Several technical metrics show that the stock market may be oversold, but some on Wall Street are worried that investors have not priced in an earnings slowdown and the impact of the Federal Reserve’s rate hikes. The S&P 500 breaking below its previous low is a key indicator for some that stocks still have further to fall.