HomeTechFAANGThe Wrap: Tesla (TSLA) + FAANGM Stocks Drop, Defensive Sector + Carnival (CCL) Move Higher
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The Wrap: Tesla (TSLA) + FAANGM Stocks Drop, Defensive Sector + Carnival (CCL) Move Higher

Markets finished negative today and closed near session lows. Energy movers like crude oil and gasoline were down around 2% each. Are interest rate fears weighing in on markets? The 10-Year Treasury Index was up almost 6% today and has not been this high since April 2019. Next, Scott Connor weighs in on FAANGM and technology stocks finishing in the red with names like Amazon (AMZN), Nvidia (NVDA), Apple (AAPL), and Alphabet (GOOG). Also, Tesla was down almost 5%. On the other hand, investors saw strength in defensive, utilities, and retail stocks. Particularly, Colgate-Palmolive (CL), Southern Company (SO), and Crown Castle International (CCI) were up on the day. In terms of individual stocks, Carnival (CCL) stock price popped after the company reported record bookings, and Twitter (TWTR) announced that Elon Must will join the Board of Directors. Finally, the Redbook and ISM Services data was released.

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