CNBC.com’s MacKenzie Sigalos brings you the top business news headlines of the day. On today’s show, Pippa Stevens discusses the drop in Tesla shares. Additionally, Courtney Reagan explains Macy’s first quarterly profit in more than a year.
Tesla falls as much as 13%, turns negative for the year
Tesla suffered heavy losses in the opening bell on Tuesday as investors pulled out of high-flying tech names, though during the session Tesla, in addition to Big Tech, recouped most of the day’s initial losses.
Shares of the electric vehicle maker fell as much as 13%, the worst day for the action since September, before recovering from the low. The shares ended the session with a loss of 2.19%.
Bitcoin extends its slide, dipping below $ 50,000
The price of Bitcoin fell further on Tuesday, as US Treasury Secretary Janet Yellen and Tesla CEO Elon Musk weighed in on the cryptocurrency’s recent rally.
The world’s most valuable digital currency plunged 14% in 24 hours, sinking below $ 50,000 to trade around $ 46,443 as of 7:30 am ET, according to data from Coin Metrics. Previously, it had fallen as much as 16% to hit an intraday low of $ 45,041.
Smaller digital tokens like ether and XRP also fell. Ether fell 17% to $ 1,458, while XRP sank 22% to trade around 44 cents.
Macy’s holiday sales exceed estimates, leading the company to its first profitable quarter in a year
Macy’s reported its first quarterly profit in a year on Tuesday as its efforts to reduce inventories during the holidays and rely less on deep discounts paid off.
The company said it expects 2021 to be a year of recovery and reconstruction as it recovers from losses suffered during the pandemic. It offered an outlook that anticipates the continuation of obstacles related to the pandemic through the spring, with momentum set to increase in the second half of 2021.
Like many retailers, Macy’s has suffered because shoppers who work from home and attend fewer socials make fewer trips to the mall during the health crisis and buy fewer clothes.