In a challenging trading session, various tech stocks faced declines, while the Dow Jones Industrial Average managed to remain relatively stable amidst the market turmoil. Notably, Uber Technologies experienced a surge in its stock price, while several prominent stocks, including Microsoft, Tesla, and Nvidia, faced declines. Meanwhile, renowned fund manager Cathie Wood took advantage of the soaring performance of a particular stock to secure profits.

Several stocks attempted breakouts despite the adverse market conditions. Blackbaud, Booz Allen Hamilton, and Powell Industries all made efforts to break out.

The technology-heavy Nasdaq bore the brunt of the bearish market sentiment, experiencing a substantial decline of over 1%. Among the laggards in this index was Sirius XM, which plummeted nearly 7%.

The benchmark S&P 500 also faced a significant drop, falling nearly 1%. Alaska Air took a massive hit, plunging approximately 15% following its announcement of acquiring Hawaiian Airlines for $1.9 billion. Conversely, Hawaiian Airlines' stock soared by almost 200%.

Uber Technologies witnessed a slight dip from its highs but still maintained an increase of almost 3%, primarily due to the news of its inclusion in the S&P 500. The company will officially join the index on December 18.

Within the S&P 500 sectors, real estate and consumer staples performed well, while technology and communication services faced significant headwinds.

Small-cap stocks demonstrated resilience, with the Russell 2000 recording a rise of nearly 1%. However, growth stocks faced heavy losses, as evidenced by the Innovator IBD 50 ETF, which declined by more than 1%.

The Dow Jones Industrial Average outperformed other major indexes, although it registered a slight decline of 0.2%. Salesforce experienced the most significant lag on the index, falling by almost 4%, although it is still in the process of consolidating last week's substantial gain of 15.9%. However, Salesforce remains the top performer in the index this year, with an impressive lift of around 86%. Intel also underperformed on the Dow Jones, falling by 0.5%. Conversely, 3M enjoyed the best performance, recording a gain of nearly 4%.

In a surprising move, Cathie Wood, CEO and Chief Investment Officer of Ark Invest, opted to sell a portion of Shopify stocks held by the ARK Innovation ETF. Wood sold nearly 65,000 shares, taking advantage of the stock's significant rise of about 109% this year. Furthermore, Wood's firm also sold roughly 312,000 shares of UiPath, another stock that had seen substantial growth of approximately 104% this year. However, the firm also made a purchase of 191,000 shares of PagerDuty for ARKK. While PagerDuty had a decline of 15% in 2023 so far, it remains positioned above the 50-day moving average but below the 200-day line.

Although overall market conditions were challenging, several stocks attempted breakouts. Blackbaud, a software company, found itself in a buy zone after clearing a consolidation entry of $78.71. Additionally, Booz Allen Hamilton, a consulting firm, and Powell Industries, a manufacturing company, both tested breakout levels.

Investor's Business Daily suggests using options as a strategy to minimize risk surrounding earnings reports, particularly with Powell Industries set to report earnings on Wednesday. This approach can potentially capitalize on the upside potential of a stock's movement while mitigating downside risks.