Closing Bell: Panera Rises on Sale Talk; Stocks Kick Off Q2 With Losses

Wall Street kicked off the second quarter with losses as financials continued to decline from a record rally earlier in the year. Stocks had started the day in the green with the Nasdaq even reaching a new all-time intraday high. Panera Bread (PNRA) surged on reports the bakery chain is mulling over its strategic options, which include a possible sale. Bloomberg reports that Panera is working with its advisers to determine the best route. Casino operator Wynn Resorts (WYNN) - Get Report moved higher after March figures for gambling revenue in Macau showed a larger increase than anticipated. Gambling revenue in the region has increased for eight straight months. Tesla (TSLA) - Get Report has surpassed Ford (F) - Get Report as the second-largest car company in the U.S. Tesla's market cap neared $48 billion after the automaker reported a record number of deliveries in the first quarter.