Wall Street Today | Stocks Retreat as Investors Lock in Gains

US stocks pulled back on the first trading day of the year, locking gains posted in 2023, as the Magnificent Seven stocks retreated.

A Bloomberg gauge of the seven stocks declined 1.7%, weighing on the S&P 500 and the Nasdaq that are heavily weighted to the tech giants. The $Nasdaq Composite Index(.IXIC.US)$ fell 1.6% to close at 14,765.94, its biggest daily decline since October. The $S&P 500 Index(.SPX.US)$ slipped 0.6% to 4,742.83. The $Dow Jones Industrial Average(.DJI.US)$ added 0.07%, to 37,715.04.

$Apple(AAPL.US)$ shares slipped after reports that Barclays analyst Tim Long downgraded the stock and trimmed its price target on expectations of continued weakness in iPhone sales, particularly in China, CNBC reported.

$Moderna(MRNA.US)$ rose more than 13%, the best performer on the S&P 500 Tuesday, after Oppenheimer upgraded the vaccine giant to "Outperform" from a previous "Perform" rating. Oppenheimer also boosted its price target on the stock to $142. Rival $Pfizer(PFE.US)$ gained 3.8%.

$GoodRx(GDRX.US)$ shares slumped 16% after Bank of America Securities cut its price target on the stock to $4.50 from $8 and lowered its rating to underperform from buy.

$NVIDIA(NVDA.US)$ and its peer $Advanced Micro Devices(AMD.US)$ fell after the Netherlands decided to block exports of certain lithography systems to China.

$Rivian Automotive(RIVN.US)$ shares slumped more than 10% after the company reported fourth quarter deliveries that missed estimates. The company said it delivered 13,972 vehicles in the fourth quarter, down from 15,564 in the third quarter. That missed the average estimate of analyst of 14,430 reported by Reuters.

$Tesla(TSLA.US)$ shares slipped after its Chinese rival BYD overtook the US-based electric vehicle giant in quarterly deliveries of fully electric vehicles for the first time. Tesla joined other Magnificent Seven stocks Apple, Nvidia, $Alphabet-A(GOOGL.US)$, $Amazon(AMZN.US)$, $Microsoft(MSFT.US)$ and $Meta Platforms(META.US)$ in retreating on the first trading day of the year after their meteoric rise in 2023.  The decline overshadowed Tesla's

Cruise operators pulled back after posting record yearly gains in 2023. $Norwegian Cruise(NCLH.US)$'s stock fell 8.6%, the worst performer on the S&P 500. The stock had soared 63.7% in 2023, to break the previous record of 37.8% in 2019 by a wide margin. $Royal Caribbean(RCL.US)$ declined 7.2% while $Carnival(CCL.US)$ declined 6.7%.