U.S. Stock Markets Plunge Amid Recession Fears and Trade Policy Uncertainty
Company-Specific Movements:
Tesla (TSLA): Shares of Tesla plunged 15%, marking a 50% decline from its all-time high in December. The drop followed intensified criticism of CEO Elon Musk's involvement in federal spending cuts, leading to protests and some violence at the company's facilities.
DexCom (DXCM):The glucose monitoring device manufacturer's stock declined after receiving a warning letter from the Food and Drug Administration (FDA) concerning conditions at two of its manufacturing plants.
Strategy (MSTR) and Coinbase Global (COIN): Shares of these cryptocurrency-related companies tumbled alongside a decrease in digital coin prices, driven by economic concerns and President Donald Trump's plans for a federal strategic bitcoin reserve.
Paycom Software (PAYC): The stock advanced as KeyBanc upgraded it and raised the price target, citing optimism about sales, earnings, and international expansion.
Cracker Barrel Old Country Store (CBRL): Shares rose following an upgrade from Truist, which highlighted the success of the restaurant chain's turnaround plan.
Redfin (RDFN) and Rocket Companies (RKT): Redfin's stock soared after agreeing to a $1.75 billion acquisition by home mortgage provider Rocket Companies, whose shares declined on the news.
Other Market Indicators:
Oil and Gold: Oil futures declined, while gold prices remained relatively stable.
Currency Movements: The U.S. dollar appreciated against the British pound, depreciated versus the Japanese yen, and remained largely unchanged against the euro.
These developments reflect heightened investor anxiety over potential economic downturns and specific corporate challenges.
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