Midday movers: Tesla slips; Target surges

(Updated - March 5, 2024 11:04 AM EST)

Investing.com -- Main U.S. indexes declined Tuesday as weakness in megacap tech weighed on the Nasdaq and S&P 500.

Here are some of the biggest U.S. stock movers today:

Shares in Tesla (NASDAQ:TSLA) tumbled 5% after the electric vehicle (EV) giant said shipments of its China-made cars dropped to a 14-month low in February.

Shares in Advanced Micro Devices (NASDAQ:AMD) slipped 2.3% after Bloomberg News reported that the U.S. government had placed a hurdle in front of the company's effort to sell an artificial intelligence chip designed for the Chinese market.

Target Corporation (NYSE:TGT) reported adjusted per-share income in the fourth quarter that topped average analyst estimates, sending shares in the big-box retailer higher by 12%.

Shares in business analytics group MicroStrategy (MSTR) dipped in premarket U.S. trading on Tuesday, leading declines in other crypto-linked names like miners Marathon Digital (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK).

Application software group Gitlab 's (GTLB) shares sank 18% after its full-year guidance was weaker than Wall Street expectations.

Apple (NASDAQ:AAPL) shares fell 3%, putting the tech giant on course for a fifth consecutive negative session, after Counterpoint Research said that iPhone sales in the firm's key Chinese market decreased by 24% in the first six weeks of 2024.

SoFi Technologies (NASDAQ:SOFI) declined 11% after it announced a proposed $750 million convertible senior notes offering.

Additional reporting by Louis Juricic