The Magnificent Seven stocks (NVIDIA, Meta, Amazon, Microsoft, Alphabet, Apple and Tesla) fell on Tuesday as the Dow Jones Industrial Average plunged nearly 500 points. Weeks have passed and the second quarter has gotten off to a tough start, with tech stocks struggling to attract investors.
AI star stock Nvidia fell 1%, Alphabet Class A fell 0.96% and Apple fell 0.70%. Meta fell throughout the day, but recovered a bit by late afternoon and was up 0.3% at the time of writing. Microsoft and Amazon fell 0.8% and 0.3%, respectively. Tesla stock fell more than 5.5%. lower deliverythe closing price for the day was approximately $165.
Meanwhile, the virtual currency market has also followed suit. Send less than $65,000 in Bitcoin.
However, it wasn't all bad news. The yield on the 10-year U.S. Treasury, which determines mortgage and credit card rates, rose to 4.386% on Tuesday, above its February high of 4.352%. This is the highest level so far this year. Rising government bond yields indicate that investors prefer investments with higher risk and return.
Silver Lake acquires Endeavor
Technology investor Silver Lake announced announced that it will acquire sports entertainment company Endeavor Group Holdings for $27.50 per share. Endeavor's stock price rose more than 2.8% on the news, trading at $27 at the time of writing. Meanwhile, Silver Lake rose 2.4% to $1.27.
GE Vernova debuts
On Tuesday, GE Aerospace and GE Vernova began trading as two separate entities on the New York Stock Exchange. GE Vernova will become a new standalone energy company, while GE Aerospace will focus on aeronautical technology products. Shares of GE Aerospace and GE Vernova rose 0.5% and 4%, respectively. The former hit a new 52-week high, while the latter was one of today's best-performing stocks.
Healthcare stocks continue to fall
Health insurance companies were the worst performing stocks on Tuesday morning. Humana, CVS Health, UnitedHealth, Elevance Health, etc.. The blow came after federal regulators failed to raise Medicare plan payments more than industry expectations.
By the end of the day, Humana stock was down 13.6%, CVS Health was down 7.3% and UnitedHealth was down 6.9%.
