On Thursday afternoon, U.S. stocks took a downward turn, introducing a rocky beginning to the market for the new year.

Within the S&P 500, consumer discretionary and information technology stocks emerged as the laggards. This slump was primarily driven by Tesla Inc., whose shares plummeted nearly 7%.

Although stocks initially showed gains, they couldn’t hold onto them. As per FactSet data, the S&P 500 has slipped 1.6% from its peak during the session.

The tech sector felt the pinch due to losses from major players like Nvidia Corp. and Apple Inc. However, the losses weren’t confined to just those sectors—they were fairly widespread across the index. Out of the 11 sectors, only utilities and energy stocks managed to stay in positive territory during the recent trades.

Here’s a snapshot of the current stock positions:

– The S&P 500 declined by 41 points, or 0.7%, bringing it to 5,840.
– The Nasdaq Composite saw a drop of 160 points, or 0.8%, settling at 19,150.
– The Dow fell by 300 points, translating to a 0.7% decrease, landing at 42,247.