12:15 PM EST, 03/05/2024 (MT Newswires) -- Wall Street's major market averages were in the red Tuesday afternoon ahead of the Federal Reserve chairman's appearances before Congress this week.

Chair Powell's two-day semi-annual monetary policy testimony is set to begin Wednesday.

Tesla (TSLA) fell 4.5% in recent trading after several media outlets reported that the company had halted production in its gigafactory in Germany, which was left without power after a suspected arson attack on a nearby electricity pylon. The reports added that a blaze in the power grid supplying the Tesla plant did not spread to the site but caused a power outage that also affected nearby villages.

Meta Platforms ( META )-owned (META) social-media platforms Instagram, Facebook, and Messenger are facing outages. Several users reported outages on the three services starting around 10 am ET, according to outage tracking website Downdetector. Shares of the company were about 1% down in recent trading activity.

Target ( TGT ) shares rose past 11% Tuesday afternoon after the company reported fiscal Q4 adjusted earnings of $2.98 per diluted share, up from $1.89 a year earlier. Sales stood at $31.47 billion, up from $30.98 billion a year earlier.

Apple's ( AAPL ) iPhone sales in China fell by 24% year-on-year during the first six weeks of 2024 amid increased competition from domestic rivals, the research firm Counterpoint said. The sales drop for the company came alongside a 64% sales rise for Huawei, its biggest smartphone competition in China, according to a separate Counterpoint report. Shares of Apple ( AAPL ) were nearly 3% down Tuesday afternoon.

Price: 179.69, Change: -8.45, Percent Change: -4.49