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Tesla stock plunged 6% after the electric vehicle manufacturer reported disappointing first-quarter delivery numbers, falling well short of expectations. The company delivered 386,810 vehicles, significantly below the estimated 449,080 according to Bloomberg consensus. Additionally, competitor Rivian Automotive’s stock also dropped 4% after the company trailed analyst consensus for first-quarter production numbers.
PVH stock tumbled over 20% following the fashion retailer’s announcement of disappointing full-year sales guidance. The company, which owns the Tommy Hilfiger and Calvin Klein brands, cited a challenging macroeconomic environment, particularly in Europe, as the reason for the poor outlook.
Furthermore, UnitedHealth, CVS Health, and Humana all experienced sharp declines after the Centers for Medicare & Medicaid Services announced unchanged reimbursement rates for Medicare Advantage health plans. This signaled that the insurers’ margins would likely remain under pressure next year.
In the oil market, prices rose on Tuesday due to signs of improving demand in China and the U.S., the world’s largest oil-consuming nations, as well as concerns over global supply disruptions. U.S. crude futures traded 1% higher at $84.58 a barrel, while the Brent contract climbed 0.9% to $88.20 per barrel. The increase was attributed to March manufacturing activity expanding in China for the first time in six months and in the U.S. for the first time in well over a year. Additionally, fears grew over potential supply disruptions in the oil-rich Middle East following a fatal Israeli strike on Iran’s embassy in Syria and a Ukrainian drone strike on a Russian refinery.
OPEC+ is set to hold an online meeting of its Joint Ministerial Monitoring Committee on Wednesday to review the market situation.
