S&P 500 falls to new low | Apple weighs on markets | Yields rise again

A comeback rally gave way to more selling Thursday, with the S&P 500 falling to a new 2022 low.

VIEW IN BROWSER | SUBSCRIBE THU, SEP 29, 2022 EVENING BRIEF AS OF THU, SEP 29, 2022 • 05:08 ET DJIA 29225.61 -1.54% -458.13 S&P 500 3640.47 -2.11% -78.57 NASDAQ 10737.51 -2.84% -314.13 Most Active DOW NAME LAST CHG %CHG AAPL 142.48 -7.36 -4.91% INTC 26.38 -0.75 -2.76% MSFT 237.50 -3.57 -1.48% S&P 500 NAME LAST CHG %CHG AAPL 142.48 -7.36 -4.91% AMD 64.14 -4.22 -6.17% F 11.47 -0.71 -5.83% NASDAQ NAME LAST CHG %CHG AAPL 142.48 -7.36 -4.91% AMD 64.14 -4.22 -6.17% TSLA 268.21 -19.60 -6.81% EDITOR'S NOTE Wednesday's comeback rally gave way to more selling Thursday, with the S&P 500 falling to a new 2022 low, as fears of further monetary tightening swirled on Wall Street.   The S&P 500 fell to a new closing low of 3,640.47 as Apple shares tumbled following a downgrade from a major investment bank. During the session, the broader market index slid to a new 2022 intraday low of 3,610.40. It also marked its lowest intraday level since 2020.   Stocks gave back some of the prior day's rally. On Wednesday, the Dow and the S&P 500 had snapped six-day losing streaks.   "For a more sustained rally, investors will need to see convincing evidence that inflation is coming under control, allowing central banks to become less hawkish," Mark Haefele of UBS wrote in a Thursday note.  A rare downgrade from Bank of America on concerns of weakening consumer demand pressured shares of Apple on Thursday. The rating came after a Bloomberg report Wednesday said Apple told suppliers to stand down on plans to increase production of its iPhone 14 product line.    Still, other firms disagreed with the downgrade. Rosenblatt Securities said Apple is a buy after conducting a survey that implied demand remained robust for iPhone maker.    The decline in Apple shares, which closed down nearly 5%, weighed on investors due to its outsized weighting in the S&P 500.   "When you get to that level of concentration, you're also going to have more volatile indices," said Robert Cantwell, portfolio manager at Upholdings. "Apple just wants you to think that it's a macro problem as opposed to a product cycle problem. But the reality is that they're dealing with both right now." Sarah Min | Investing Reporter at CNBC Pro @_sarahmin Watch our live stream for all you need to know to invest smarter. TOP NEWS  S&P 500 closes at new 2022 low, as Apple helms broad market sell-off Apple shares dip on rare Bank of America downgrade Florida confronts scenes of havoc as Hurricane Ian batters the state CarMax shares crater as its huge earnings miss signals an end to the used car boom Behind the big Apple downgrade: Analyst who made the call reveals why the stock is in trouble This Depression-era fund is beating the S&P 500 in 2022 – by doing nothing Jobless claims hit five-month low despite Fed's efforts to slow labor market Bed Bath & Beyond reports 28% drop in sales as it presses ahead with turnaround plan Senate passes stopgap funding bill to avert government shutdown, provide more Ukraine aid Kremlin announces Russia will annex four occupied regions in Ukraine; Nord Stream tensions rise TOP VIDEO We're witnessing a recalibration of rate regimes, says PIMCO's Jerome Schneider CNBC PRO Credit Suisse issues dire global economic outlook: 'Worst is yet to come' SPECIAL REPORTS 'The IRS is not the boogeyman.' Here's what to do if you still can't pay your taxes Only about 30% of millennials are comfortable investing in crypto, down from about 50% in 2021: 'The shine has come off these coins' Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS