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Stocks lost ground on Monday, as investors booked profits after last week’s advance. The slide came ahead of a busy week that includes the Federal Reserve’s interest rate decision and a flood of high-profile earnings reports. The Nasdaq led the retreat, falling by about 2%.
The decline included a bout of profit-taking in the EV sector. Price cuts from Ford (F) prompted selling throughout the sector. This included slides in GM (GM), Tesla (TSLA), Fisker (FSR) and Rivian Automotive (RIVN).
Chinese stocks also took a step lower. Alibaba (BABA) ranked among the decliners, falling amid reports that the company might consider moving its headquarters out of China.
Among individual stocks, Glacier Bancorp (GBCI) extended a recent decline, spurred last week by the release of a weaker-than-expected earnings report. With the continued slide, the stock reached a new 52-week low.
On the other side of the ledger, Carvana (NYSE:CVNA) surged almost 30%, building on a recent upswing that has seen the stock more than double in value since the end of last year.
Sector In Focus
News that Ford (F) has decided to cut the price of its electric Mustang Mach-E vehicle prompted a wave of profit-taking in the EV sector. This came as Morgan Stanley worried that previous price cuts from Tesla (TSLA) had triggered a “Hunger Games”-style price war in the sector.
TSLA dropped 6%, breaking a six-session winning streak that included gains of around 11% on both Thursday and Friday. F slumped 3%, while GM (GM) retreated more than 4%.
Elsewhere in the sector, Fisker (FSR) and Rivian Automotive (RIVN) each dropped more than 9%.
Standout Gainer
Carvana (CVNA) posted another day of substantial gains, building on an upswing that has marked most of 2023 so far, as shares of the online car dealer recover some of the massive losses recorded last year.
Shares finished higher by almost 29% after unusual volatility prompted a halt earlier in the day. This added to a nearly 20% gain recorded on Friday. Overall, shares have more than doubled in value so far in 2023, climbing 116%.
CVNA has bounced off a 52-week low of $3.55. Still, shares remain lower by almost 94% over the past year, with the stock now only worth a fraction of its 52-week high of $167.
Standout Decliner
Alibaba (BABA) slumped amid a bout of profit-taking among Chinese stocks. The slide also came amid reports that the firm might move its headquarters to Singapore. Shares dropped more than 6% during the session.
According to Barron’s, a new campus being built in Singapore could be large enough to provide an HQ for the e-commerce giant. This could allow the company to move out of its home country of China.
The slide in BABA came amid an overall slide in Chinese stocks. Pinduoduo (PDD) was among the worst performers in the group, retreating about 7%. JD.com (JD) and Weibo (WB) both declined almost 6%, while NetEase (NTES) slipped more than 2%.
In terms of BABA, the stock dropped $7.18 to close at $111.20. Last week, shares reached their highest finish since July after surging 86% since the first half of November.
Notable New Low
Glacier Bancorp (GBCI) continued a downdraft that marked the end of last week, when the company announced disappointing quarterly results. Shares dropped another 2% on Monday, reaching a fresh 52-week low.
GBCI attempted to rebound early in the session, briefly ticking into positive territory in the first hour of trading. However, shares slumped again in the mid-morning and eventually touched an intraday 52-week low of $44.38. After a brief tick higher before the close, the stock finished at $44.49, a decline of 92 cents on the day.
This represented the third consecutive day of declines. Last Thursday, the company reported earnings and revenue that both came in below expectations.
Shares have fallen about 5% in the past week and more than 9% so far in 2023.
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