Major Wall Street indices closed in the red led by a rise in yields that dragged stocks. Investors and traders also weighed in comments by Federal Reserve Vice Chair for Supervision Michael Barr on the banking crisis.
What Happened: Barr cited the failure of Silicon Valley Bank as a “textbook case of mismanagement,” and has proposed tightening of banking rules, according to Financial Times.
The Nasdaq Composite declined 0.45% while the S&P 500 ended 0.16% lower. The Dow lost 0.12%.
Meanwhile, following are the five stocks that are drawing investors’ attention:
1. Tesla Inc TSLA: Shares of the company closed 1.37% lower. U.S. auto safety regulators said on Tuesday they are initiating an investigation into 50,000 Tesla Model X vehicles following two complaints reporting front seat belt failures, reported Reuters.
Also Read: Everything You Need to Know About Tesla Stock
2. Micron Technology Inc MU: Shares of the company closed 0.85% lower. Micron reported second-quarter revenue of $3.69 billion, down from $7.79 billion in the same period last year. The revenue came in below a consensus estimate of $3.72 billion, according to Benzinga Pro.
3. Alibaba Group Holding Ltd BABA: Shares of the company closed 14.26% higher on Tuesday following news that the company proposed revamping its operations in its most significant corporate restructuring. Alibaba is set to reorganize its businesses into six independently run entities.
4. Lululemon Athletica Inc LULU: Shares of the company rose 13.12% in extended trading. Lululemon reported fourth-quarter revenue of $2.77 billion, up 30% year-over-year. The revenue total beat a Street estimate of $2.70 billion, according to data from Benzinga Pro.
5. Lucid Group Inc LCID: Shares of the company closed 7.25% lower on Tuesday following reports that it is looking to trim 18% of its workforce. The lay-off is reportedly expected to affect all levels of the organization, including executives.
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