CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, Pippa Stevens breaks down the slide in Tesla stock. Plus Courtney Reagan explains Macy's first quarterly profit in over a year.
Tesla suffered steep losses at the opening bell on Tuesday as investors rotated out of high-flying tech names, although throughout the session Tesla, in addition to Big Tech, clawed back the majority of the day's early losses.
Shares of the electric vehicle maker dipped as much as 13% — the stock's worst day since September — before bouncing back from the low. Shares finished the session with a 2.19% loss.
Bitcoin's price descended further on Tuesday U.S. Treasury Secretary Janet Yellen and Tesla CEO Elon Musk weighed in on the cryptocurrency's recent rally.
The world's most valuable digital coin plunged 14% in 24 hours, sinking below $50,000 to trade around $46,443 at 7:30 a.m. ET, according to data from Coin Metrics. It had earlier fallen as much as 16% to hit an intraday low of $45,041.
Smaller digital tokens like ether and XRP also tumbled. Ether slipped 17% to $1,458, while XRP sank 22% to trade around 44 cents.
Macy's on Tuesday reported its first quarterly profit in a year, as its efforts to slash inventories during the holidays and rely less on deep discounting paid off.
The company said it expects 2021 to be a year for recovery and rebuilding, as it claws its way back from the losses it has suffered during the pandemic. It offered an outlook that anticipates continued pandemic-related obstacles during the spring, with momentum escalating in the back half of 2021.
Like many of retailers, Macy's has been hurt as shoppers working from home and attending fewer social events make fewer trips to the mall during the health crisis and purchase less clothing.