Investing.com -- U.S. stocks were mixed on Tuesday, snapping back one session after weak manufacturing data in China sent the Shanghai Composite Index spiraling, pulling down equity markets worldwide.
As a result, the Dow Jones Industrial Average fell by as much as 450 points on Monday, before a late rally spared it from finishing with its worst open to a year in more than 80 years. The major indices still posted one of their largest one-day sell-offs in three months, extending losses from the final week in December when the Dow and S&P 500 Composite index ended 2015 in negative territory for the year.
On Tuesday, the Dow gained 9.72 or 0.06% to 17,158.66 paring earlier losses with a late rebound, while the NASDAQ Composite index fell 11.66 or 0.24% to 4,891.43, as losses in Apple Inc (O:AAPL) and several other prominent tech stocks weighed. The S&P 500, meanwhile, added 4.05 or 0.20% to 2,016.71, as eight of 10 sectors closed in the green. Stocks in the Telecommunications and Utilities industries led, each gaining more than 0.75%. Stocks in the Basic Materials and Technology sectors lagged.
The top performer on the Dow was Wal-Mart Stores Inc (N:WMT), which gained 1.46 or 2.38% to 62.92. Last month, the largest retailer in the U.S. offered deep discounts on technology products and video games in the post-Christmas shopping season to offset slow holiday sales. Wal-Mart (N:WMT) closed as the top performer on the Dow for the second consecutive session. Since bottoming to a 52-week low in November, Wal-Mart shares are up by nearly 12%.
The worst performer on the Dow was Apple, which fell 2.64 or 2.51% to 102.71 after Japan's Nikkei reported that the world's largest company will slash production of iPhone 6S and 6S plus models by 30% in the second quarter of its fiscal year. Apple finished just below Walt Disney Company (N:DIS), which fell by more than 2% to 100.90 after analysts at Macquarie downgraded its rating to neutral from outperform. The downgrade comes amid fears of so-called cord-cutting fears at ESPN, which is reeling from a massive round of layoffs in the fall.
The biggest gainer on the NASDAQ was Micron Technology Inc (O:MU), which added 0.49 or 3.42% to 14.82. Investors continued to react to Monday's resignation of Micron president Mark Adams due to health reasons. Micron did not provide any further details in a news release on Monday. The Boise, Idaho-based semiconductor company is coming off a rough year when its shares slumped approximately 60%. The worst performer was Skyworks Solutions Inc (O:SWKS), which fell 4.64 or 5.95% to 73.29. Skyworks Solutions, a Massachusetts-based semiconductor company, is a top supplier of power amplifier modules for the iPhone 6S.
The top performer on the S&P 500 was First Solar Inc (O:FSLR), which surged 5.17 or 7.75% to 71.89, after analysts at Goldman Sachs (N:GS) upgraded its rating from a neutral to a buy and raised its price target to $100. The worst performer was Ensco which fell 1.10 or 6.92% to 14.79.
Shares in Smith & Wesson Holding Corporation (O:SWHC) jumped 2.59 or 11.15% to 25.88, one day after the major gun manufacturer raised its sales and earnings outlook for the current quarter, as well as the fiscal year as a whole. Also on Tuesday, U.S. president Barack Obama announced a plan to expand background checks on firearms through an executive action, sparking an election-year controversy with enraged Republicans. Shares in Smith & Wesson are up more than 1,000% since Obama entered the White House in 2009.
On the New York Stock Exchange, advancing issues outnumbered declining ones by a 1,802 to 1,263 margin.