Stock market news today: US stocks sink to start new year as Apple slips

US stocks fell Tuesday morning, setting Wall Street up for a downbeat start to 2024 after a winning year that left the S&P 500 just short of a new record high.

The benchmark S&P 500 (^GSPC) lost nearly 0.6%, while Dow Jones Industrial Average (^DJI) shed 0.3%, or about 100 points. The tech-heavy Nasdaq Composite (^IXIC) lost about 0.9%.

The rally in stocks stalled on Friday, after two months of gains that helped the major gauges end 2023 with strong yearly gains. Plus, the S&P 500 notched its 9th weekly win in a row, the longest streak since 2004, and is inching toward taking out its all-time closing high of 4,796.56.

Tech stocks lost ground after Barclays analysts downgraded their rating on Apple's stock, citing concerns about demand for new iPhones. Apple (AAPL) shares fell 1.7% as tech stocks slid.

Economic updates this week could also put the rally to the test, with the December jobs report due Friday watched for its potential to sway the Federal Reserve's thinking. Investors' bets that interest-rate cuts will come fast and deep in 2024 have buoyed stocks.

Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards

Elsewhere in markets, oil prices rose after Iran sent a warship to the Red Sea in response to the US Navy’s sinking of three Houthi boats over the weekend. West Texas Intermediate crude (CL=F) and Brent crude (BZ=F) futures climbed over 2% as tensions escalated.

Meanwhile, bitcoin prices jumped more than 3% to top $45,000 for the first time since early 2022, as hopes grew that the SEC will soon approve a spot bitcoin ETF. Crypto stocks popped in premarket trading, with Marathon Digital (MARA) shares up almost 12% to recoup some recent losses.

Click here for in-depth analysis of the latest stock market news and events moving stock prices.

Read the latest financial and business news from Yahoo Finance