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Today, the stock market witnessed a mix of optimism and caution. The Federal Reserve’s decision to maintain the key overnight interest rate unchanged was the main news of the day. This move by the Federal Reserve is seen as a response to the ongoing economic challenges and uncertainties.
On Wednesday, The Dow Jones Industrial Average ended the day 0.22% lower at 34,440.88, while the tech-heavy NASDAQ was down 1.53% at 13,469.13. The S&P 500 was also in the red, it fell 0.94% to 4,402.20.
While the broader market showed a mixed reaction, certain stocks managed to capture significant attention.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
TradeUP Acquisition Corp. (NASDAQ:UPTD)
TradeUP Acquisition Corp. saw a significant increase of 26.42%, closing at $12.25. The stock reached an intraday high of $33 and a low of $10, with a 52-week range between $6.88 and $33. The company announced an extension for its initial business combination deadline, depositing an aggregate of $37,432.70 into its trust account. This move is seen as a strategic decision to strengthen its position in the market.
FedEx Corp. (NYSE:FDX)
FedEx Corp. experienced a slight uptick of 0.22%, closing at $250.52. The stock’s intraday high and low were $254.18 and $250.17, respectively, with a 52-week range of $141.92 to $270.95. The company reported its first-quarter results, revealing revenue of $21.7 billion and earnings of $4.55 per share. The DRIVE program initiative and a focus on revenue quality were highlighted as primary drivers for these results.
Marathon Digital Holdings, Inc. (NASDAQ:MARA)
Marathon Digital Holdings saw a decline of 2.82%, closing at $9.29. The stock’s intraday range was between $9.28 and $9.84, with a 52-week range of $3.11 to $19.88. The company announced the completion of privately negotiated convertible note exchanges, resulting in approximately $101 million in cash savings. This move is expected to strengthen Marathon’s financial profile and position in the market.
Enovix Corporation (NASDAQ:ENVX)
Enovix Corporation’s stock decreased by 5.39%, closing at $12.46. The stock reached an intraday high of $13.64 and a low of $12.43, with a 52-week range between $6.5 and $23.9. The company announced the acquisition of Korean battery manufacturer Routejade, aiming to establish a stronger presence in Korea and enhance its product roadmap.
Tesla Inc. (NASDAQ:TSLA)
Tesla Inc. shares dropped by 1.47%, closing at $262.59. The stock’s intraday range was between $262.46 and $273.93, with a 52-week range of $101.81 to $313.8. Tesla’s stock performance today was influenced by the broader market’s reaction to the Federal Reserve’s decision. Given Tesla’s reliance on borrowing for various operations, potential future rate hikes could impact its profitability and cash flow.
Photo by Jirapong Manustrong on Shutterstock
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