Dow Jones Falls, Meme Stocks Dive As Amazon Rises On $130 Billion Opportunity

The Dow Jones Industrial Average dropped 0.6% on Tuesday at the closing bell. S&P 500 also suffered a loss of 0.6% during the confusing session.

Dow Jones component Caterpillar was the biggest loser while Nike (NKE), gained. Microsoft (MSFT), above an entry of 276.86, is in the buy zone. Apple (AAPL) is watching for an early entry of 176.25.

The majority of sectors fell, but utilities posted a modest gain. Newmont (NEM), a gold and silver mining company, rose.

Extra Space Storage (EXR), which announced Monday a deal worth $12.7 billion with Life Storage, jumped.

ServiceNow (NOW), Take-Two Interactive, and other software stocks rose as well. Steel Dynamics (STLD), United Rentals, and other steel stocks fell.

The Nasdaq tech index fell 0.5%, but software stocks gained.

Atlassian (TEAM), CrowdStrike and Charter Communications all rose, while Sirius XM and Charter Communications fell. HubSpot (HUBS), a stock on the IBD Leaderboard Watchlist, rose above a 118.49 level in a flat basis. Amazon (AMZN), which had earlier posted losses, reversed those and gained over 1% by the closing. Morgan Stanley analyst Mathew Cost believes that the cloud-based ecommerce giant will benefit from "a $130 billion opportunity for retail media advertising in 2025."

Russell 2000 small-cap index fell the most by over 2%.

NYSE volume increased slightly while Nasdaq took a dip compared to Monday's same time.

Crude oil has remained at $80.41 a barrel following Monday's huge rally. Matt Smith, an oil analyst with Kepler believes that gas will reach $4 per gallon by the end of summer. Goldman Sachs analysts and Capital Economics analysts have raised their crude oil price targets.

The yield on 10-year Treasury notes fell 9 basis points, to 3.33%. It is now testing its weekly lows.

Chipotle Mexican Grill broke away from a cup with a purchase point of 1,724.81.

World Wrestling Entertainment's (WWE) 83.73 entry was a dramatic reversal of Monday's sale. The earnings are due on April 12.

AMC (AMC), which is a movie theater company, has seen its share price plummet by over 20% following a settlement that converted AMC Preferred Equity into common shares. APE units, which were issued by the movie theater in August of last year to reduce debt, have since fallen over 20%. The conversion will reduce the value of AMC's shares.

The price of Bed Bath & Beyond, a meme game that has been in trouble for some time, dropped sharply when Jefferies analyst Jonathan Matuszewski lowered the target to 50 cents.

The stock of C3.ai (AI), which is owned by Kerrisdale Capital, fell over 20% after reports that the company had "serious disclosure and accounting issues".

Job Openings and Labor Turnover Surveys (JOLTS), which are conducted by the Bureau of Labor Statistics, showed that there were 9.931 million vacancies in February. This is lower than previous estimates of 10.4 millions. This number dropped from 10,824 million jobs in January. The number of jobs fell below 10,000 for the first since May 2021.

After a 2.1% decline in January, factory orders fell to 0.7% in the month of February.

Virgin Orbit, a SpaceX competitor outside Dow Jones filed for bankruptcy.

Conagra (CAG), followed by Lamb Weston Lamb Weston, will report their earnings on Wednesday.