Investing.com -- Stocks were tumbling on Tuesday, amid renewed worries about regional banks and expectations that the Federal Reserve will raise interest rates again on Wednesday. Here are the market movers for May 2.
PacWest Bancorp (NASDAQ:PACW) shares were down 24% amid a broader swoon in regional bank stocks. Western Alliance Bancorporation (NYSE:WAL) shares fell 16.2% and shares of Metropolitan Bank Holding (NYSE:MCB) were down 15.8%. Chegg Inc (NYSE:CHGG) shares were down 49% after the education technology company said students are increasingly interested in the artificial intelligence chatbot, and that could impact its business. Second-quarter net revenue forecasts are lower than expectations. Uber Technologies Inc (NYSE:UBER) shares are jumping 11% after the ride-hailing company reported an increase in bookings and revenue for the first quarter. NXP Semiconductors NV (NASDAQ:NXPI) shares rose 3% after the chip maker beat expectations and forecast stronger than expected revenue and profit for the second quarter.
Dupont De Nemours Inc (NYSE:DD) shares fell 7.8% after the maker of materials beat profit estimates but reported a 16% drop in sales in its electronics and industrials business.