Stock Market Today: Micron (MU), CarMax (KMX), Tesla (TSLA) Drop Dramatically

The S&P 500 fell to its lowest level since November 9th before recovering some losses. The Dow Jones finished down along with the Nasdaq-100 and Russell 2000. All 11 S&P 500 sectors closed in the red with the biggest losers being consumer discretionary, tech and energy, and crude oil dropping. Micron (MU) dragged down other semiconductor stocks after earnings came in below forecasts, as a result MU is cutting jobs and slashing expenses. CarMax (KMX) also dropped lower on worse-than-expected earnings. Travel stocks slid after GDP came in stronger-than-expected and jobless claims came in lower-than-expected, driving fears that the Fed will remain hawkish. Tesla (TSLA) shares dropped 9% to their lowest price since September 2020 after announcing discounts for the Model 3 and Model Y cars in the U.S. Tomorrow, look out for durable goods, personal income & outlays data, and new home sales and consumer sentiment reports. Tune in to find out more about the stock market today.