The U.S. stock market experienced another day of decline on Tuesday, following a one-day closure for Martin Luther King Jr. Day. The major indices, including the S&P 500, Dow Jones Industrial Average, and Nasdaq, all ended the trading day in the red. Investors were focused on corporate earnings season and the prospects for future interest rates.
The S&P 500 declined by 0.4% to close at 4,765.98, while the Dow Jones Industrial Average fell by 0.6% to 37,361.12. The tech-heavy Nasdaq dropped by 0.2% to 14,944.35.
Throughout the day, there were several stocks that caught the attention of retail traders and investors. Here are some of the top performers:
1. Digital World Acquisition Corp (DWAC): DWAC saw a surge of 29.04% to close at $22.35. The stock rallied following former President Donald Trump’s significant lead in the Iowa caucus.
2. Advanced Micro Devices, Inc. (AMD): AMD’s stock rose by 8.31% to end at $158.74. Analysts at KeyBanc Capital Markets see over 30% upside potential in AMD shares, citing strong AI-related demand.
3. Spirit Airlines, Inc. (SAVE): SAVE plummeted by 47.09% to close at $7.92. The stock tumbled after a federal judge blocked its acquisition by JetBlue Airways Corporation.
4. Alibaba Group Holding Limited (BABA): BABA shares fell by 3.31% to $69.46. The decline comes amid broader concerns about Chinese internet firms and military-affiliated AI testing.
5. Tesla, Inc. (TSLA): Tesla’s stock saw a modest gain of 0.47%, closing at $219.91. The company faced its fifth possible day of losses, influenced by market concerns and CEO Elon Musk’s comments on AI and robotics.
Overall, the stock market’s decline on Tuesday reflected ongoing investor caution and uncertainty. Market participants are closely watching corporate earnings and the potential impact of future interest rate hikes. As the trading day continues, it will be interesting to see how these stocks and the market as a whole perform.
Please note that stock prices mentioned in this article are based on the time of writing and may have changed by the time of reading.
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