PayPal, Robinhood, Shopify, Apple, Tesla — Why These Five Stocks Are Trending Today?

The stock market experienced a tumultuous day, with the S&P 500 and the Nasdaq indices seeing significant fluctuations. The Nasdaq took a hit, closing lower by over 300 points, while the S&P 500 struggled to maintain its footing.

The Nasdaq closed 2.17% lower at 13,973.45 — slipping below the psychologically important 14,000 level. The S&P 500 ended Wednesday down 1.38% at 4,513.39. The Dow Jones Industrial Average ended the day 0.98% lower at 35,282.52.

Despite the challenging market conditions, several companies managed to post upbeat earnings, providing some silver lining to an otherwise cloudy day.

These are the top stocks that gained the attention of retail traders and investors throughout the day:

PayPal Holdings, Inc. PYPL closed the day with a decrease of 3.08%, with a closing price of $73.2. The stock hit an intraday high of $74.99 and a low of $72.5. The 52-week range for the stock is $103.03 – $58.95. PayPal’s second-quarter earnings beat estimates with a revenue jump of 7% on continued momentum, despite the shares sliding.

Robinhood Markets, Inc. HOOD saw a decrease of 3.34%, closing at $12.44. The stock’s intraday high was $12.56 and the low was $12.18. The 52-week range is $13.23 – $7.57. Robinhood’s second-quarter earnings highlighted a revenue beat with earnings per share of $0.03 ahead of Street estimates of $0.02.

Shopify Inc. SHOP ended the day with a decrease of 7.44%, closing at $62.43. The stock’s intraday high was $66.18 and the low was $61.99. The 52-week range is $71.43 – $23.63. Shopify’s stock is sliding on Q2 results, causing investors to question what’s going on.

Apple Inc. AAPL closed the day with a decrease of 1.55%, closing at $192.58. The stock’s intraday high was $195.18 and the low was $191.85. The 52-week range is $198.23 – $124.17. Apple analysts remain upbeat ahead of the tech giant’s third-quarter print. Apple is expected to report earnings of $1.09 in the third quarter compared with $1.20 it reported in a similar period a year ago.

Tesla, Inc. TSLA saw a decrease of 2.67%, closing at $254.11. The stock’s intraday high was $259.52 and the low was $250.49. The 52-week range is $314.67 – $101.81. Tesla shares traded lower amid overall market weakness after Fitch downgraded the rating of U.S. treasuries. On Tuesday, it was reported that that the National Highway Traffic Safety Administration (NHTSA) has opened an investigation into Tesla over steering issues in two vehicles — the 2023 Model 3 sedan and the Model Y crossover.

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