Hourly Market Review - Mar 5, 2024 12PM
AInvestTuesday, Mar 5, 2024 12:00 pm ET
1min read

U.S. stocks experienced a decline on Tuesday, with technology stocks leading the downturn. The Nasdaq Composite dropped by 1.7%, the Dow Jones Industrial Average fell by 318 points (0.8%), and the S&P 500 decreased by 1%. Apple's shares declined by nearly 3% following a report indicating a significant drop in iPhone sales in China during the initial weeks of 2024. Other major tech companies such as Tesla, Netflix, and Microsoft also saw their shares fall by more than 2%. The information technology sector of the S&P 500 was particularly hard hit, with a decline of over 2%.

AMD's shares fell by more than 1% after reports emerged of a regulatory issue preventing the sale of an artificial intelligence chip to China. GitLab's shares plummeted by more than 19% after the company provided a weak forecast for the full year.

Despite the downturn in the technology sector, some companies experienced gains. Target's shares jumped by more than 11% after reporting stronger-than-expected holiday-quarter earnings. AeroVironment's shares surged by more than 29% following a positive quarterly report and outlook.

The recent market movements come as investors reassess the market's rally to all-time highs, driven by optimism around artificial intelligence. Year-to-date, the major averages have still shown solid gains. Bitcoin reached a record high on Tuesday but quickly fell into negative territory after breaking the high for the first time in two years.


Movers of the hour:

Dave is up 45.43% at $31.85.  

Apogee Therapeutics is up 45.38% at $60.68.  

Ocean Biomedical is up 40.56% at $5.74.  

Aerovironment is up 29.32% at $168.96.  

Solowin is up 26.47% at $19.40.  

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.