Major Wall Street indices closed mixed on Monday as fears of a potential contagion in the wake of multiple bank collapses kept investors and traders on a cautious mode. However, market participants also began considering the possibility of no rate hikes in the March Fed policy given the ongoing crisis. The Nasdaq Composite ended 0.45% higher while the S&P 500 closed 0.15% lower. The Dow Jones ended 0.28% down on Monday. Meanwhile, the following are five stocks that are drawing investors’ attention:
1. Tesla Inc TSLA: Shares of Tesla closed 0.6% higher on Monday. U.S. Transportation Secretary Pete Buttigieg said on Monday that using the term “Autopilot” as a feature of its electric vehicles fails to justify the company’s own requirement for drivers to keep both hands on the wheel, reported Bloomberg. Meanwhile, Wolfe Research analyst Rod Lache downgraded shares of Tesla from ‘Outperform’ to ‘Peer Perform’ and maintained a $185 price target.
2. Amazon.com, Inc. AMZN: Shares of the company closed 1.87% higher on Monday. The retail giant and Rivian Automotive Inc RIVN are in discussions to eliminate the exclusivity part of their electric-van deal. Rivian could start selling to others after Amazon’s order for 2023, according to a Wall Street Journal report.
3. First Republic Bank FRC: Shares of the bank closed 61.83% lower on Monday but gained 15.35% in extended trading. The lender failed to assuage investor concerns in the backdrop of the ongoing banking crisis despite releasing a statement on Sunday that it has strengthened its liquidity positions.
4. Western Alliance Bancorporation WAL: Shares of the company closed 47.06% lower on Monday dragged by investor concerns surrounding the banking crisis. President Joe Biden has pledged to do whatever it takes address the threat to the banking system, according to a Reuters report.
5. Gitlab Inc GTLB: Shares of the company closed 0.55% higher on Monday but lost 31.84% in extended trading as the company issued a weak forecast. The company sees FY24 revenue in the range of $529 million to $533 million, which is lower than the analyst consensus estimate of $586.14 million.
Image and article originally from www.benzinga.com. Read the original article here.