The stock market saw improvements on Tuesday after starting the day with some losses. While the Nasdaq experienced the most significant decline, both the S&P 500 and the Dow Jones Industrial Average managed to trim their losses to less than 1%. Big Tech giants Apple and Tesla were among the companies that showed steep losses on the market.
The Nasdaq composite was down around 1.6%, while the S&P 500 pulled back by 0.9%. The Dow Jones index also took a slight hit after a three-day climb, dropping by 0.3%. Small caps on the Russell 2000 suffered a 1.4% decrease. Overall, there were more losers than gainers on the NYSE and the Nasdaq.
The 10-year Treasury yield also shed seven basis points, while West Texas Intermediate crude oil saw a significant jump of more than 4% due to fears of potential conflict involving Iran and Israel. This led to an increase in the stock prices of companies in the oil sector.
Apple’s stock price declined by 3.5% following a negative assessment from an analyst regarding the company’s December quarter performance. Another company, Pennant Group, saw an 8% drop in its stock price after announcing a public offering. In contrast, Kratos Defense & Security Solutions experienced a 4.4% increase in its stock price.
A dockworker strike at East and Southern coast ports affected shipping companies, with ZIM Integrated Shipping, FedEx, and United Parcel Service experiencing declines. In economic news, various indices and surveys pointed to trends in manufacturing and job openings in the US market.
Tesla and Alphabet were among the stocks in focus during the trading session, with both experiencing fluctuations in their stock prices. Other companies like Acuity Brands, McCormick, Anheuser-Busch InBev, and CVS Health also saw movements in their stock prices based on company news and analyst ratings.
