In a notable market downturn, several prominent companies experienced significant declines in their stock values, with the automotive and beverage industries hit particularly hard. General Motors saw its stock fall by a steep 8%, while Ford and Aptiv both faced a 5% decrease. In the beverage sector, Constellation Brands recorded a 6% drop, closely followed by Diageo, which saw a 4% decline.
The stock market fluctuations on Thursday affected numerous sectors, with Tesla experiencing a 3% reduction in its stock value. Cummins, another player in the automotive industry, also faced a 3% decrease. Meanwhile, Chipotle Mexican Grill's stock fell by 3%, and Nike saw a 2% reduction in its stock value. Lululemon Athletica mirrored this trend with a 3% decline.
Despite the overall downward trend, the steel industry emerged as an exception. Nucor and Steel Dynamics both reported a 2% increase in their stock prices, demonstrating resilience amid the broader market challenges. This upward movement for steel companies comes as demand and pricing conditions appear favorable for the sector.
Apple, a technology giant, witnessed a 2% decline in its stock, further contributing to the day's overall market volatility. Canadian Pacific Kansas City faced a significant setback, with its stock plummeting by 6%. FedEx also saw a reduced stock value, experiencing a 2% fall.