S&P 500: Carnival, Tesla Headline Big-Cap Losers Monday
Carnival (CCL), Tesla (TSLA), CarMax (KMX), Etsy (ETSY) and Illumina (ILMN) were the five biggest S&P 500 index losers on the stock market today.
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The S&P 500 index fell 0.45% on Monday as Tesla stock and some other megacap stocks slumped. But the Invesco S&P 500 Equal Weight ETF (RSP) rose 0.6%.
S&P 500 Losers
CCL tumbled 7.6% to 14.60, but it did rebound from the 21-day line. Early Monday, Carnival reported a smaller-than-expected fiscal second-quarter loss while also topping revenue views. The cruise line giant also gave upbeat guidance. But Carnival stock had nearly doubled from April 26 to Jan. 16 on cruise optimism, racing above a cup base earlier this month.
Tesla stock tumbled 6.1% to 241.05. Goldman Sachs downgraded TSLA stock to neutral. It's the fourth Tesla downgrade over the past week, but also the third to raise the price target. Meanwhile, there were China media reports that an upgraded Model 3 won't begin mass production until the first quarter of 2024. Tesla stock is approaching its 21-day line. It's still greatly extended from a 207.79 buy point, but it could be working on a handle on a much-larger consolidation going back to last September. On a weekly chart, a 276.99 buy point is already there, though a longer and perhaps slightly deeper handle would be helpful.
KMX stock gave up 5.75% to 81.25. On Friday, CarMax stock gapped up 10.1% on earnings, fully clearing a four-month consolidation to hit a nine-month high.
ETSY stock fell 4.9% to 84.57, not far from its 2023 low set at the end of May.
ILMN stock gave up 4.85%, also not far from year-to-date lows.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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Source: Investor's Business Daily
