The Wall Street rally to start 2024 seems to be slowing down in the last week of the first quarter. Stocks were down slightly Tuesday, with all three major market indexes finishing in the red.
The S&P 500 closed down about 0.3%, while the Dow Jones Industrial Average dropped 0.1% and the Nasdaq was off 0.4%. The Dow, which closed at 39,282.33, hasn’t come as close to crossing 40,000 for the first time as it did last week.
Investors were waiting next for GameStop to report earnings after the bell. GameStop stock, the most famous “meme stock” on Wall Street, surged Monday and closed up 2.5% on Tuesday.
Here’s what else is happening in the markets.
Tesla stock back in gear
After weeks of under performance that saw it trail its “Magnificent Seven” tech rivals at or near the bottom of the S&P 500, Tesla stock was up as much as 6% on Tuesday. The rise came after Elon Musk required employees of the electric vehicle maker to install and show customers how to use his company’s Full Self-Driving (FSD) driver assistance system before finalizing any deliveries in North America. He also said all U.S. cars capable of using FSD will have the system enabled for a one-month trial.
Tesla stock gave back some of those gains to close up about 3%.
McCormick stock spiced up
McCormick & Co. stock rallied more than 10% after the spice maker reported a 3% increase in sales from a year ago. The company’s revenue exceeded the estimate from $1.55 billion to $1.6 billion.
Reddit hits a new all-time high in just its second week
Reddit, which enjoyed a successful IPO last week, surged another 15% on Tuesday as options trading started and investors poured money into the newly listed company. Reddit stock closed up about 9%.
UPS stock drops
At its annual investor day, shipping giant UPS increased its revenue target for 2026, to between $108 billion and $114 billion. But it warned investors that the current quarter will be the “toughest” of the year and that profits will fall by 40%.
UPS stock closed down about 8%.
Bitcoin bulls keep going
Amid the record inflows for spot Bitcoin ETFs, Bitcoin surged past $71,000 and close to its all-time high of $73,000. But it fell below $70,000 later in the afternoon. An executive with investing giant BlackRock recently said Bitcoin won’t be as volatile as it used to be, as cryptocurrencies becomes more mature and institutionalized.
Ether was trading at $3,500 late in the day, and Dogecoin was at $0.17.