Stock market sees sharp decline as Tesla and health sectors plummet, oil prices surge by 450 points

On Tuesday, the Dow Jones Industrial Average experienced a significant drop of 450 points or about 1.1%, while the S&P 500 and Nasdaq also saw declines of 1% and 1.5% respectively. The crypto market was also down, with Bitcoin dropping below $65,000. Meanwhile, oil prices reached their highest level since October due to tensions in the Middle East and a Ukrainian drone strike on a major Russian oil refinery, with Brent crude jumping to $89 per barrel and West Texas Intermediate crude reaching $85 per barrel. Health insurance companies such as Humana, CVS Health, UnitedHealth, and Elevance Health saw their stock prices drop after federal regulators did not raise payments for Medicare plans as expected. In addition, Tesla delivered 386,810 electric vehicles in the first three months of 2024, falling short of Wall Street’s expectations and causing Tesla’s stock to drop almost 6%. The company’s shares have declined by more than 33% this year, making Tesla the worst performer in the S&P 500. Furthermore, the 10-year Treasury yield rose to 4.386% on Tuesday, surpassing February’s high of 4.352%, which is the highest level so far this year and may indicate positive developments in the manufacturing sector and expectations of interest rate cuts.

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