The cryptocurrency market saw a downturn today, with bitcoin dropping below $50,000 for the first time since February. As a result, companies like Robinhood and MicroStrategy experienced significant declines, with Robinhood plummeting more than 10% and MicroStrategy plunging more than 8%. Additionally, Coinbase and Marathon Digital saw around a 5% drop in their stock prices.
Snack food company Kellanova witnessed a 13% jump in its stock price, reaching a new 52-week high. This spike followed reports that candy giant Mars is considering a takeover of the company, generating excitement among investors in the food industry.
Major tech companies faced selling pressure during the market downturn today. Apple, in particular, saw a more than 5% decline after news broke that Warren Buffett’s Berkshire Hathaway had sold off half of its stake in the company. This move raised concerns among investors about the outlook for one of the tech industry’s most prominent players.
Nvidia, Super Micro Computer, Micron Technology, and Taiwan Semiconductor Manufacturing all faced steep declines as U.S. recession fears triggered a global market sell-off. Semiconductor stocks were hit hard, with the VanEck Semiconductor ETF dropping 3%. Investors rotated out of once high-flying artificial intelligence names, causing a ripple effect across the industry.
Intel, one of the leading chipmakers, experienced an 8% drop in its stock price following lackluster fiscal second-quarter results. The company missed analysts’ expectations on both the top and bottom lines and announced plans to cut 15% of its workforce. This news led to a sharp post-earnings slide, with shares tumbling 26% in the wake of the disappointing earnings report.
In contrast to the broader market trends, Tyson Foods managed to gain 2% after posting strong fiscal third-quarter results. The company reported adjusted earnings of 87 cents per share, exceeding analysts’ expectations of 67 cents per share. Revenue also surpassed consensus estimates, hitting $13.35 billion compared to the anticipated $13.21 billion. This positive performance stood out on a day characterized by market volatility.
GameStop continued to face challenges, with its stock moving more than 5% lower in today’s trading session. After Game Informer announced on social media that it had been shut down by GameStop, its parent company, it was revealed that all employees had been laid off. This ongoing instability raised concerns among investors about the future of the embattled video game retailer.
Electric-vehicle maker Lucid saw a more than 2% decline ahead of its second-quarter earnings report. Analysts are expecting the company to report a loss of 26 cents per share on revenue of $192 million. The anticipation surrounding Lucid’s financial performance highlights the growing importance of the electric vehicle industry in the broader market landscape.
Overall, today’s market movements reflect the ongoing volatility and uncertainty facing investors. As geopolitical tensions, economic indicators, and company-specific news continue to drive fluctuations in stock prices, staying informed and agile is crucial for navigating the ever-changing landscape of the stock market.