Shares of technology companies fell ahead of earnings later in the week.
"Guidance remains weak with no real signs of an inflection," said strategists at brokerage Bank of America Global Research, in a note to clients. "Big Tech is still 20% bloated even after layoffs. Sales have historically been the main driver of margins, not cost cuts."
Apple and Amazon.com were among the major companies due to post earnings this week, which had been on the rise for much of the month so far.
"The January rally has hit a wall and probably won't have a chance of returning until we get beyond Wednesday's Fed press conference and Apple's results after the Thursday close," said Edward Moya, senior market analyst at foreign-exchange brokerage Oanda Group.
Tesla's deep price cuts across its U.S. lineup this month have sparked a backlash from customers, many of whom paid thousands of dollars more for their vehicles just weeks earlier.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-30-23 1704ET
