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Top Movers of the Day

AInvestMonday, Aug 5, 2024 4:59 pm ET
1min read

The S&P 500 entered correction territory, dropping below 5,200, nearing a 10% decline from its mid-July peak. Tech stocks like Nvidia and Broadcom hit bear markets. Odds of a 50-basis-point Fed rate cut in September rose to 85%. Major indices fell, with heavy trading volume indicating strong investor conviction. Tech, consumer discretionary, and communication services sectors were hit hardest. The 10-year Treasury yield fell to 3.78%, and the VIX hit a four-year high. Some tech stocks showed signs of recovery, but market volatility remains high.

Here are the top movers of the day:

  • Crypto Stocks: Bitcoin's drop below $50,000 impacted several crypto-related stocks. Robinhood fell more than 8%, MicroStrategy plunged over 9%, Coinbase dropped over 7%, and Marathon Digital slipped more than 1%.

  • Kellanova: Shares of the snack food company surged over 16% to a new 52-week high amid reports that candy maker Mars is considering a takeover.

  • Nvidia and Super Micro Computer: Nvidia declined over 6% and Super Micro Computer fell more than 2% as U.S. recession fears led to a global market sell-off. Semiconductor stocks, represented by the VanEck Semiconductor ETF, dropped more than 2%. Micron Technology and Arm Holdings each lost over 2%, and Taiwan Semiconductor Manufacturing fell more than 1%.

  • Apple: The tech giant's stock dropped nearly 5% after Warren Buffett's Berkshire Hathaway sold half its stake in the company. Despite the sale, Apple remains Berkshire's largest equity holding.

  • Palantir: The software company's stock fell more than 2% ahead of its quarterly results. Analysts expect second-quarter revenue of $652 million and earnings of 8 cents per share.

  • Tech Stocks: Major tech companies saw significant declines during the sell-off. Amazon dropped more than 4%, Microsoft slid over 3%, Tesla fell more than 4%, and Meta (Facebook's parent company) declined over 2%.

  • Intel: Shares of the chipmaker fell over 6%, continuing a sharp decline from last week following poor fiscal second-quarter results and an announcement to cut 15% of its workforce. Shares tumbled 26% on Friday, the biggest drop in 50 years.

  • Tyson Foods: Shares rose around 2% after the company posted strong fiscal third-quarter earnings, beating analyst expectations with adjusted earnings of 87 cents per share and revenue of $13.35 billion.

  • GameStop: The stock dropped around 2%, extending losses from the previous session. Game Informer, owned by GameStop, announced it was shutting down after 33 years, laying off all employees.

  • Lucid: The electric vehicle maker's shares fell nearly 4% ahead of its second-quarter results. Analysts expect a loss of 26 cents per share on revenue of $192 million.


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.