During Market hours on Yesterday (Monday – 10.10.2022):
- The Dow (Symbol: DIA) went down -0.34%. The S&P 500 (Symbol: SPY) lost -0.76%. and the Nasdaq (Symbol: QQQ) fell -1.00%.
- Ford Motor (Symbol: F), General Motors (Symbol: GM) — Shares of Ford and GM fell -7% and -5% respectively, after UBS downgraded both stocks. The firm lowered Ford to a sell rating from neutral and cut GM to a neutral from a buy. The auto industry is moving toward vehicle oversupply following three years of unprecedented pricing power, UBS said.
- Rivian Automotive (Symbol: RIVN) — Shares of the EV startup dropped nearly -10% after the company said it will recall nearly all of its vehicles due to a possible issue of a loose fastener that could make a driver lose steering control.
- Nvidia (Symbol: NVDA) — The chip stock fell more than -4% to hit a 52-week low after the Biden administration published a sweeping set of export controls, including a plan to cut China off from certain semiconductor chips made with U.S. equipment. The sell-off came even after Nvidia said the new restriction will not have a material effect on its business.
- Robinhood (Symbol: HOOD) — The stock trading app saw its shares fall more than -2% after Barclays reiterated Robinhood as underweight. The Wall Street firm said it’s sticking with its negative rating but expects that revenue could be slightly better than expected in the third quarter.
- Etsy (Symbol: ETSY) — Shares of the online marketplace were down -1.4% despite Goldman Sachs initiating the stock as a buy because of its resilient business model and opportunities for growth.
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