• Tue. Apr 23rd, 2024

Market Update: Dow Jones, S&P 500, Nasdaq and Crypto Markets Decline; Health Insurance Companies See Stock Price Dips; Tesla Stock Takes a Hit; Oil Prices Rise Due to Tensions in the Middle East and Ukrainian Drone Strike on Russian Oil Refinery; 10-Year Treasury Yield Reaches Highest Level of the Year

BySamantha Nguyen

Apr 2, 2024
Stock market sees sharp decline as Tesla and health sectors plummet, oil prices surge by 450 points

On Tuesday, the Dow Jones Industrial Average fell by 450 points or 1.1%, while the S&P 500 and Nasdaq both saw declines of 1% and 1.5% respectively. The crypto market was also down, with Bitcoin dropping below $65,000. In other news, oil prices reached their highest level since October due to tensions in the Middle East and a Ukrainian drone strike on a major Russian oil refinery. Brent crude jumped to $89 per barrel, while West Texas Intermediate crude reached $85 per barrel.

Health insurance companies such as Humana, CVS Health, UnitedHealth, and Elevance Health saw their stock prices drop after federal regulators did not raise payments for Medicare plans as expected. Humana stock fell by 14%, CVS Health dropped by 8.5%, and UnitedHealth dipped by 6.8%. Meanwhile, Tesla delivered fewer electric vehicles than expected in the first three months of the year, causing its stock price to drop almost 6%. Despite this setback, Tesla remains the worst performer in the S&P 500 so far this year.

In addition to these developments, the 10-year Treasury yield rose to its highest level so far this year on Tuesday at 4.386%. This may indicate positive developments in the manufacturing sector and expectations of interest rate cuts from central banks around the world.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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