Stock Market Today: Dow Jones Hurt By Apple Sell-Off; Cathie Wood Sells $30 Million Of Coinbase

Dow Jones futures and the other major indexes dropped Tuesday, as Apple stock sold off on a report that showed sharply slowing iPhone sales in China. Meanwhile, famed investor Cathie Wood sold nearly $31 million worth of Coinbase (COIN) on the stock market today.

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Dow Jones futures fell 0.3% vs. fair value in morning action, as S&P 500 futures dropped 0.4%. Tech-heavy Nasdaq 100 futures slipped 0.6% before the opening bell.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) exchange traded fund was down 0.5%, as the SPDR S&P 500 ETF (SPY) dipped 0.3%.

The 10-year Treasury yield fell 5 basis points to 4.17%. Further, oil prices added to Monday’s losses, as West Texas Intermediate futures fell 1.1%, trading under $78 a barrel.

Cathie Wood Sells, Apple Stock Falls

Cathie Wood’s Ark Invest funds sold nearly 135,000 shares of Coinbase stock Monday, or about $30.9 million worth using the closing price, per daily trade disclosures. Coinbase stock surged more than 11% Monday, hitting a new high.

Coinbase shares rallied nearly 4% premarket Tuesday, as the price of bitcoin rose to trade around $66,900, per CoinDesk. Bitcoin is up 3% over the last 24 hours.

Apple (AAPL) stock lost 2.2% Tuesday on a report that showed slowing iPhone sales in China. The company sold 24% fewer iPhones in China in the first six weeks of 2024 than a year earlier, according to research firm Counterpoint Research.

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Stock Market Today

Due out at 9:45 a.m. ET, the S&P Global’s Purchasing Managers’ Index for February is expected to hold steady at 51.4. The services index is also expected to remain unchanged from the mid-month estimate, with a 51.3 reading.

Meanwhile, the Commerce Department’s factory orders are due out at 10 a.m. Orders are expected to fall 3% in January.

Finally, the Institute of Supply Management’s services index is anticipated to fall to 53.0 in…