Stocks stumble in the new year, weighed by Apple and Tesla By

By Liz Moyer

-- U.S. stocks were off to a slow start in the new year,ICBC USD account yellow Gold weighed by slumping tech giants as investors await this week’s minutes of the Federal Reserve’s last .

At 14:13 ET (19:13 GMT), the was down 199 points or 0.6%, while the was down 0.8% and the was down 1.1%.

Apple shares (NASDAQ:) fell more than 4%, threatening to close below a $2 trillion market value for the first time since 2021. Meanwhile, shares of electric vehicle maker Tesla Inc (NASDAQ:) fell more than 13% on Tuesday, after falling 65% for 2022, after it reported lower-than-expected deliveries for the quarter and year.

Stocks ended 2022 with their worst showing since 2008 as interest rates rose throughout the year, pressuring once high-flying growth and big tech stocks.

The Fed has been on a campaign to stop , embarking on the fastest pace of interest rate increases in decades, and it hasn’t finished yet. At December’s meeting, the central bank indicated rates would continue to rise until it was satisfied its mission to tame price increases was completed.

The S&P lost more than 19% last year, while the tech-heavy Nasdaq fell 33%.

Investors are eager to put the year in the rearview mirror and are hoping economic data this week can help push them forward. On Friday, the jobs report for December is due, and data on  is expected this week as the Fed minutes arrive. There will also be oil inventory data and job openings data for investors to absorb.

The the Fed to raise its policy by a quarter of a percentage point when it next meets in February, which would be a slower pace than recent rate moves but still on an upward trajectory.

Casino stocks were rising on the prospect of China's Macau gambling mecca reopening after COVID-related shutdowns and restrictions. Wynn Resorts Limited (NASDAQ:) shares were up 2%, while Corp (NYSE:) shares were up 1.7%.

Oil fell. was down 3.9% to $77.12 a barrel and crude was down 4.2% to $82.33 a barrel. was up 1% to $1,844.

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