Tesla plunges as GameStop posts gains

Stocks took a drive on Monday with Nasdaq plunging (-0.98%) at the end of the trading session. The S&P 500 decreased by (-0.53%) and the Dow made a gain of (-0.36%). After a Tesla vehicle suspected to be without a driver crashed into a tree north of Houston on Saturday, killing two passengers, the electric-car maker’s stock fell 3.4%.

The stock had the greatest negative impact on the S&P 500 and Nasdaq Composite Indexes. Tesla’s stock price was weighted down by an 8.4% plunge in bitcoin over the weekend, in which it has a stake.

The yield on 10-year Treasuries was at 1.58%, after falling six base points in the U.S. trading session.

  • The stock of GameStop Corp soared 6.3% after the announcement of its CEO’s resignation.
  • Nvidia’s stock fell 3.5% after the UK government announced it would investigate the national security ramifications of Nvidia’s $40 billion acquisition of British chip designer ARM Holdings, creating doubts about the transaction.

Top gainers  

  1. Harley-Davidson up 9.68% to close at $44.29
  2. Albemarle up 3.60% to close at $157.50
  3. Morgan Stanley up 1.83% to close at $80.03
  4. Charles Schwab up 1.76% to close at $65.88
  5. Bank of NY Mellon up 1.61% to close at $46.81

Top losers

  1. Altria down -6.17% to close at $49.08
  2. Arconic down -6.07% to close at $26.02
  3. Synopsys down -3.88% to close at $250.64
  4. Cadence Design down -3.61% to close at $141.94
  5. Broadcom down -3.51% to close at $462.00

Outlook

  • As bitcoin suffered a beating over the weekend, crypto stocks like Riot Blockchain and Marathon Digital both fell more than 8%. Bitcoin was down 0.7% at the time of writing.
  • Speculators are expecting a recovery as the market opens today.
  • Bigwig FX, however, advises cautious buying in this era of growing uncertainties.


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