The Dow Jones Industrial Average and other major indexes saw declines on Tuesday due to slowing iPhone sales in China, which led to a sell-off of Apple stock. Additionally, Cathie Wood sold nearly $31 million worth of Coinbase (COIN) on the stock market today.
The Dow Jones Industrial Average fell by 0.6% in morning trading, while the S&P 500 dropped by 0.9%. The tech-heavy Nasdaq composite slipped by 1.8% after the opening bell. The Invesco QQQ Trust (QQQ) and SPDR S&P 500 ETF (SPY) exchange-traded funds also saw declines.
Meanwhile, the 10-year Treasury yield dropped by 6 basis points to 4.16%, and oil prices fell almost 0.7% to trade around $78.15 a barrel. Cathie Wood’s Ark Invest funds sold nearly 135,000 shares of Coinbase stock on Monday, amounting to about $30.9 million.
On the earnings front, some key movers included First Watch Restaurant (FWRG), GitLab (GTLB), Nio (NIO) and Target (TGT). First Watch and GitLab saw declines, while Target jumped over 11% in early trading.
Despite these market movements, it’s important to stay informed about changing market conditions and make necessary adjustments to your exposure levels. The S&P Global’s Purchasing Managers’ Index for February rose above estimates, while the Commerce Department’s factory orders fell more than expected in January. Additionally, the Institute of Supply Management’s services index saw a decline from the previous month.
Disney, IBM, Procter & Gamble, Duolingo, Fortinet, and Weatherford are among the stocks to watch on the stock market today. Disney broke out past a significant buy point, while IBM is near a flat base buy point. Duolingo, Fortinet, and Weatherford are also showing potential for growth.
In the tech sector, Nvidia lost 1.8% and Tesla declined by 5% on Tuesday. Both stocks are among the Magnificent Seven stocks alongside Microsoft, which traded lower after the stock market open.
For more insights on growth stocks, the Dow Jones Industrial Average, and the stock market today, follow Scott Lehtonen on social media.
