Nasdaq leads market slide as Bitcoin touches new record

Live8 updates

• Tue, March 5, 2024 at 6:58 PM GMT

  It’s a down day for the so-called “Magnificent 7” tech stocks.

  Apple (AAPL), Alphabet (GOOGL, GOOG), Microsoft (MSFT), Amazon(AMZN), Meta (META), Tesla (TSLA), and Nvidia (NVDA) are all in the red on Tuesday.

  But as we highlighted about a month ago, history tells us stocks can still go up this year even if the “Magnificent 7” lose steam.

  Research from BMO Capital Markets chief investment strategist Brian Belski on Feb. 6 showed that even when the top stocks driving an outsized part of the market action fall off, returns over the next year for the index historically have been quite good.

  A chart from Belski shows that since 1992, on average, the S&P 500 has risen 14.3% in the year following a peak in contribution from the top 10 stocks in the benchmark average. The only time the S&P 500 delivered a negative return in the next year was in 2001 amid the fallout from the tech bubble.

  “While some investors may be concerned that the market is likely to struggle without these stocks leading the way, our analysis shows that the S&P 500 has performed just fine following peaks in relative performance of the 10 largest stocks,” Belski wrote in a note to clients on Tuesday.

• Tue, March 5, 2024 at 6:08 PM GMT

  Trending tickers: SoFi, Target, Meta

  Here are some of the stocks leading Yahoo Finance’s trending tickers page in afternoon trading on Tuesday:

  SoFi Technologies (SOFI): The stock plummeted around 13% after the company announced a new debt offering. SoFi said it plans to offer $750 million of convertible senior notes due in 2029. Part of the proceeds will pay for the cost of entering into capped call transactions, which are intended “to reduce the potential dilution to SoFi’s common stock upon any conversion of the notes and/or offset any potential cash payments.”

  Target Corporation (TGT): Shares jumped about 13% after the retail giant posted an earnings beat on both the top and bottom lines. The company has preached its “roadmap for growth,” which includes establishing Target as a growth company “from a comparable sales standpoint, from a traffic standpoint, and from a [market] share standpoint.”

  Meta Platforms (META): Shares dipped just over 1% after the company experienced a wave of outages to its suite of social media platforms, including Facebook, Instagram, and Threads.

  Crowdstrike (CRWD): Shares dropped roughly 7% ahead of the company’s quarterly earnings, due after the bell on Tuesday. Prior to the results, Crowdstrike announced an expansion of its partnership with Dell Technologies, which will help customers “defend against increasingly complex cyberattacks.

• Tue, March 5, 2024 at 5:05 PM GMT

  Nasdaq leads broader market declines

  Market losses escalated by early afternoon trading with the Nasdaq Composite (^IXIC) leading the broader declines. The tech-heavy index sank about 1.8% as a retreat in Apple (AAPL) and Tesla (TSLA) continued to drag on stocks more widely.

  Apple shares fell roughly 3% on a report that iPhone sales fell 24% in China. Tesla’s stock declined 4.5% as a shutdown at its Berlin Gigafactory added to concerns over a shipment slump and a Chinese price war.

  The S&P 500 (^GSPC) fell about 1%, while the Dow…