Stock market today: World markets track Wall Street's decline, eroding last year's gains

World shares have dropped after Wall Street started 2024 with a slump, giving back some big gains from last year. U.S. futures were lower and oil prices declined. South Korea’s benchmark slumped more than 2%. On Tuesday, the S&P 500 fell 0.6%. The Dow edged 0.1% higher and the Nasdaq composite lost 1.6%. Some of the market’s sharper drops came from stocks that were last year’s biggest winners. Apple had its worst day in nearly five months. Market players have been bracing for a pause in the rally that carried the S&P 500 through nine straight winning weeks to near an all-time high.