Coca Cola, Pepsi Get On Investor Radars Thanks To Weight Loss Drug Ozempic — Levi, Rivian And Tesla Trending As Well Today

U.S. stocks experienced a slight downturn towards the end of trading, with the Dow Jones falling around 10 points. The Dow descended by 0.03% to 33,119.57, while the NASDAQ and the S&P 500 both fell by 0.1% and, landed at 13,219.83 and 4,258.19 respectively.

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

The Coca-Cola Company KO saw a decline of 4.83%, closing at $52.38 after a turbulent day with highs of $54.95 and lows touching $52.24. The beverage giant’s stock was impacted by Walmart’s revelation of decreased shopping demand, attributed to the rise of appetite-suppressing medications like Ozempic and Wegovy. This, coupled with the recent strength in Treasury yields, exerted pressure on Coca-Cola's stock.

PepsiCo, Inc. PEP closed at $160.1, a 5.22% drop, with an intraday high of $168.81 and a low of $159.87. Similar to Coca-Cola, PepsiCo’s stock was affected by Walmart’s report of decreased shopping demand and the allure of rising Treasury yields drawing investors towards fixed-income investments.

Levi Strauss & Co. LEVI experienced a 1.64% drop, closing at $13.21, with the day’s trading seeing a high of $13.49 and a low of $13.09. The apparel company's stock dipped in the after-hours following its third-quarter earnings report, which, despite beating analyst consensus estimates, showed a decrease in earnings and sales compared to the previous year.

Rivian Automotive, Inc. RIVN plunged by 22.88%, closing at $18.27 after reaching an intraday high of $21.39 and a low of $18.01. The EV manufacturer faced a challenging day amidst its announcement of a green convertible senior notes offering. The notes, expected to accrue interest at a rate of 3.625% per annum, are set to mature on October 15, 2030, marking a significant development for the company’s financial structuring.

Tesla, Inc. TSLA closed at $259.98, a minor 0.45% decline, after reaching an intraday high of $263.6 and a low of $256.25. Despite the slight dip, the electric vehicle giant remains a compelling investment, as highlighted by analyst Gary Black. Anticipation surrounding the Cybertruck launch and other upcoming catalysts continues to generate investor interest.

Photo by WHYFRAME on Shutterstock

Prepare for the day's trading with top premarket movers and news by Benzinga.