The Dow Jones Industrial Average, which almost touched the 40,000 mark just a few weeks ago, was firmly in the red on Tuesday. The index had dropped 450 points, or about 1.1%. The S&P 500 also fell 1% on Tuesday, and the Nasdaq $NDAQ was down 1.5%.
The crypto market was also bleeding, with Bitcoin dropping below $65,000
The Dow Jones Industrial Average, which almost touched the 40,000 mark just a few weeks ago, was firmly in the red on Tuesday. The index had dropped 450 points, or about 1.1%. The S&P 500 also fell 1% on Tuesday, and the Nasdaq $NDAQ was down 1.5%.
The crypto market was also bleeding Tuesday, with Bitcoin dropping below $65,000.
Here’s what else is happening in the markets before midday.
Oil prices reached their highest level since October amid tensions in the Middle East and a Ukrainian drone strike on a major Russian oil refinery.
Brent crude, the world’s oil benchmark, jumped as much as 1.8% to $89 per barrel, the highest since September. And West Texas Intermediate crude, the U.S. benchmark, also climbed 1.8%, reaching a five-month high of $85 per barrel.
Among the worst stock performers Tuesday morning were health insurance companies, including Humana $HUM, CVS Health $CVS, UnitedHealth $UNH, and Elevance Health. They took a hit after federal regulators didn’t raise payments for Medicare plans above industry expectations.
Humana stock fell 14%, CVS Health dropped 8.5%, and UnitedHealth dipped 6.8%.
Tesla $TSLA on Tuesday said it delivered 386,810 electric vehicles over the first three months of 2024, falling wildly short of Wall Street’s expectations.
Tesla stock dropped almost 6% in Tuesday morning trading after the company announced its poor first-quarter deliveries. Shares have fallen more than 33% so far this year, making Tesla the worst performer in the S&P 500. The company is also no longer one of the top 10 U.S. companies by market capitalization, trailing behind Visa $V, JPMorgan $JPM Chase, and weight-loss drug maker Novo Nordisk.
The 10-year yield, which determines mortgage and credit card rates, rose to 4.386% Tuesday, surpassing February’s high of 4.352%. That’s the highest level so far this year.
The robust performance of the manufacturing sector and the hope for interest rate cuts might have contributed to the rise.
-William Gavin and Bruce Gil contributed to this article.
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