Investing.com -- U.S. stocks sank on Tuesday as investors feared the effects of interest rates staying higher for longer and the fallout from a possible government shutdown this weekend if lawmakers can't agree on a temporary spending bill.
Here are some of the biggest U.S. stock movers today:
- Amazon.com Inc (NASDAQ:AMZN)stock fell 3.2% after a long-awaited antitrust lawsuit by the Federal Trade Commission, which accuses the e-commerce platform of using monopoly power to inflate prices and exclude rivals. Amazon responded that the case is wrong on the facts and law and it looks forward to making its case in court.
Tesla (NASDAQ:TSLA) stock fell 0.8% after the Financial Times reported that the EV manufacturer’s export vehicles from China to the European Union will be included in the EU's investigation into whether China's electric vehicle industry is benefiting from unfair subsidies.
United Natural Foods (NYSE:UNFI) stock fell 26% after the organic foods company swings to a loss amid lower inflation benefits.
Snap (NYSE:SNAP) stock fell 3.4% after HSBC initiated coverage of the social media company with a ‘reduce’ rating, saying a successful turnaround of its core advertising business is unlikely.
Alibaba (NYSE:BABA) ADRs fell 1.5% after the Chinese e-commerce giant announced a plan to list its logistics arm Cainiao in Hong Kong that would make the unit the first to be separated since it announced its break-up six months ago.
Coty (NYSE:COTY) stock fell 0.7% after the cosmetics maker launched a global offering of 33 million shares and said it had submitted an application for dual listing of its shares on the Paris Stock Exchange.
Fisker (NYSE:FSR) stock rose 11.8% after the EV manufacturer announced that it expects to ramp up deliveries to 300 vehicles per day in U.S. and Europe, having manufactured 5,000 Fisker Oceans to date.
DraftKings (NASDAQ:DKNG) stock rose 2.7% after JPMorgan upgraded its stance on the betting company to ‘overweight’ from ‘neutral’, seeing promising potential for same-store and new market growth.
Nordson (NASDAQ:NDSN) stock fell 3.4% after Jefferies downgraded its stance on adhesive manufacturing company to ‘hold’ from ‘buy’, doubting the company’s near-term growth.