The stock market experienced a turbulent day following remarks from Federal Reserve Chair Jerome Powell. The S&P 500 and Nasdaq indices both saw significant declines, with the former dropping by 2.95% and the latter tumbling 3.6%. Powell’s announcement of a cautious approach to future interest rate cuts contributed to the market’s volatility.
Despite the overall market downturn, several stocks stood out, drawing the interest of retail traders and investors. These are the top stocks that gained the attention of retail traders and investors throughout the day:
Micron Technology Inc.
Micron’s stock fell 4.33%, closing at $103.90. The stock hit an intraday high of $112.04 and a low of $102.73, with a 52-week range between $157.54 and $78.63. The company reported first-quarter earnings, revealing a revenue miss of $8.71 billion, slightly below the consensus estimate. However, adjusted earnings per share beat expectations at $1.79. Despite this, soft guidance for the near term due to weaker consumer markets led to the stock’s decline.
Quantum Corporation
Quantum’s shares surged 153.04%, closing at $60.02, after reaching a high of $64.20 and a low of $22.15. The stock’s 52-week range is $64.20 to $2.22. The company announced the development of a parallel file system client for its Myriad all-flash file system. This new client supports NVIDIA’s GPUDirect Storage, enhancing cross-platform compatibility.
Meta Platforms Inc.
Meta’s stock dropped 3.59%, closing at $597.19. It recorded an intraday high of $627.36 and a low of $596.32, with a 52-week high of $638.40 and a low of $340.02. The company is projected to see significant growth in advertising revenue, with Instagram potentially generating $32 billion by 2025. This growth is driven by the increasing popularity of its short-form video product, Reels, according to a previous report.
Amazon.com Inc.
Amazon’s shares declined by 4.60%, closing at $220.52. The stock’s intraday high was $231.40, with a low of $220.11, and a 52-week range of $233 to $144.05. The company is set to premiere a new game show by YouTube star MrBeast on its Prime Video platform. This move is anticipated to attract significant attention, as highlighted in a recent report.
Tesla, Inc.
Tesla’s stock plummeted 8.28%, closing at $440.13. The stock reached an intraday high of $488.54 and a low of $427.01, with a 52-week high of $488.54 and a low of $138.80. Despite the decline, Tesla remains a top pick for analysts due to its long-term potential. Baird analyst Ben Kallo emphasized Tesla’s momentum, even amidst geopolitical and policy challenges, as detailed in a recent analysis.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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