Hourly Market Review - Mar 5, 2024 10 AM

On Tuesday, U.S. stocks experienced a slight downturn, continuing the downward trend from the previous session and moving away from recent record levels. The Dow Jones Industrial Average dropped by 143 points (0.4%), the S&P 500 fell by 0.4%, and the Nasdaq Composite declined by 1%, with technology stocks facing a particularly sharp decrease.

AMD's stock fell more than 2% after reports emerged that the company encountered a regulatory hurdle preventing it from selling an artificial intelligence chip to China. GitLab's shares plummeted over 13% following the company's disappointing full-year forecast. Apple's stock also declined by more than 2% due to a report indicating a significant drop in iPhone sales in China during the first six weeks of 2024. Other major tech companies such as Tesla, Netflix, and Microsoft experienced losses of more than 1%. The S&P 500's information technology sector led the index's decline with a drop of over 1%.

Outside of the technology sector, Target's shares surged more than 11% after the company reported holiday-quarter earnings that exceeded Wall Street's expectations. AeroVironment's stock rose over 16% following a positive quarterly report and outlook from the defense company. These movements followed a day of losses on Wall Street, with Monday's declines pulling the Nasdaq Composite away from its record highs.

Movers of the hour:

Apogee Therapeutics is up 48.56% at $62.01.  

Phunware is up 31.75% at $16.35.  

Dave is up 30.87% at $28.66.  

Paymentus Holdings is up 19.88% at $19.60.  

Aerovironment is up 19.04% at $155.52.