- U.S. equities continued their selloff on worries about the U.S economy possibly heading toward a recession.
- Tesla shares sank as the blowback against CEO Elon Musk’s involvement in federal spending cuts intensified.
- Paycom Software and Cracker Barrel Old Country Store received analyst upgrades, sending shares of both higher.
The recent selloff of U.S. equities continued at midday on fears the U.S. economy could be heading toward a recession. The Nasdaq sank 3%, the S&P 500 dipped about 2%, and the Dow Jones Industrial Average was down roughly 1%. The yield on the 10-year Treasury note also plunged.
Tesla (TSLA) shares slumped as the blowback against CEO Elon Musk’s involvement in federal spending cuts intensified, with protests and some violence against the electric vehicle (EV) maker’s facilities.
Shares of DexCom (DXCM) sank after the manufacturer of glucose monitoring devices said it had received a warning letter from the Food and Drug Administration (FDA) about conditions at two of its manufacturing plants.
Shares of Strategy (MSTR), Coinbase Global (COIN), and other companies related to cryptocurrencies tumbled along with the price of digital coins in response to economic concerns as well as President Donald Trump’s federal strategic bitcoin reserve plans.
Paycom Software (PAYC) shares advanced as KeyBanc upgraded the stock and raised the price target on optimism about sales, earnings, and international expansion.
An upgrade from Truist lifted shares of Cracker Barrel Old Country Store (CBRL). Truist pointed to the success of the restaurant chain’s turnaround plan.
Shares of Redfin (RDFN) skyrocketed when the online real estate marketplace agreed to be purchased by home mortgage provider Rocket Companies (RKT) for $1.75 billion. Rocket shares dropped.
Oil futures were lower. Gold prices were little changed. The U.S. dollar gained on the pound, lost ground to the yen, and was little changed against the euro.
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