Major Wall Street indices closed in the red led by a rise in yields that dragged stocks. Investors and traders also weighed in comments by Federal Reserve Vice Chair for Supervision Michael Barr on the banking crisis.
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What Happened: Barr cited the failure of Silicon Valley Bank as a “textbook case of mismanagement,” and has proposed tightening of banking rules, according to Financial Times.
The Nasdaq Composite declined 0.45% while the S&P 500 ended 0.16% lower. The Dow lost 0.12%.
Meanwhile, following are the five stocks that are drawing investors’ attention:
1. Tesla Inc (NASDAQ:TSLA): Shares of the company closed 1.37% lower. U.S. auto safety regulators said on Tuesday they are initiating an investigation into 50,000 Tesla Model X vehicles following two complaints reporting front seat belt failures, reported Reuters.
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2. Micron Technology Inc (NASDAQ:MU): Shares of the company closed 0.85% lower. Micron reported second-quarter revenue of $3.69 billion, down from $7.79 billion in the same period last year. The revenue came in below a consensus estimate of $3.72 billion, according to Benzinga Pro.
3. Alibaba Group Holding Ltd (NYSE:BABA): Shares of the company closed 14.26% higher on Tuesday following news that the company proposed revamping its operations in its most significant corporate restructuring. Alibaba is set to reorganize its businesses into six independently run entities.
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4. Lululemon Athletica Inc (NASDAQ:LULU): Shares of the company rose 13.12% in extended trading. Lululemon reported fourth-quarter revenue of $2.77 billion, up 30% year-over-year. The revenue total beat a Street estimate of $2.70 billion, according to data from Benzinga Pro.
5. Lucid Group Inc (NASDAQ:LCID): Shares of the company closed 7.25% lower on Tuesday following reports that it is looking to trim 18% of its workforce. The lay-off is reportedly expected to affect all levels of the organization, including executives.
