Market Recap – March 4th 💰

On Tuesday’s trading day, markets pushed lower with larger losses as declines in mega-cap tech companies dragged the broader markets lower. After falling sales figures were reported in China, shares of Apple fell lower, in turn leading the major averages to their second straight day of losses. By the bell, the S&P’s information technology sector was down over 2% with other contributors like Microsoft and Netflix marking losses. On the crypto front, Bitcoin was able to surpass its all-time record and climb to $69,210 just before tumbling over 8% in the process. For the main indices, the S&P 500 dropped 1.02%, the NASDAQ Composite went down 1.65%, and the Dow Jones fell 1.04%.

Two individual companies to make news throughout midday trading were Tesla and Albermarle. EV leader Tesla posted a daily decline of 3.93% after the firm reported a suspected arson attack that disrupted production at its Berlin gigafactory. Lithium battery producer Albermarle sank 17.87% as it began to sell 1/20th interest in preferred stock totaling $1.75 billion.

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