Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
Here's your closing bell brief for Tuesday, March 3rd. I'm Katherine Sullivan for The Wall Street Journal. U.S. stocks finished lower today, but the indexes recovered from much deeper early losses. The Dow paired a drop of over 1,200 points to close down just 400 points, or 0.8%. The S&P 500 fell 0.9%, and the Nasdaq was down 1%.
Middle East tensions drove global oil prices higher before a late-day moderation. Rising energy costs also pushed Treasury yields upward. Among individual companies, Target shares rose nearly 7 percent even after the retailer posted lower quarterly profits. Investors are now awaiting a new turnaround plan from the new chief executive.
Best Buy stock jumped 7 percent following a report of strong adjusted earnings.
Chapter 2: Why did U.S. stocks drop but recover from deeper losses?
This gain came despite a disappointing outlook and weak quarterly sales. Pinterest shares surged over 9 percent. Elliott Investment Management invested $1 billion in the social media platform to help it repurchase shares. Ziff Davis stock soared 48 percent after the digital media and internet company agreed to sell its connectivity division to Accenture for $1.2 billion.
MongoDB shares fell over 22 percent after the database company issued soft quarterly guidance. Investors are concerned that artificial intelligence could eventually upend the company's core business. And Credo Technology shares dropped almost 15 percent. The data center connectivity company issued guidance that failed to meet investor expectations.
Heads up, an artificial intelligence tool helped us make this episode by creating summaries that were based on WSJ reporting and then reviewed and adapted by an editor. We'll have a lot more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.