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Hourly Market Review - Mar 5, 2024 10 AM

AInvestTuesday, Mar 5, 2024 10:00 am ET
1min read

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.  

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.