Image source: Gogo.

Investors haven't entirely given up on the stock market, and Tuesday's market action showed the resilience many market participants have even in the face of uncertainty. The most popular major-market benchmarks climbed between 1% and 2% on the day, ignoring further weakness in the commodities markets. Bulls instead focused on favorable activity in the mergers and acquisitions arena and signs of solid earnings in sending the majority of stocks higher. Still, not every stock participated in the rally, and Gogo (GOGO 0.28%), Community Health Systems (CYH -0.28%), and market Vectors Gold Miners ETF (GDX 0.30%) were among investments that gave up considerable ground on Tuesday.

Gogo slid 27% after the provider of in-flight online services got a vote of no confidence from American Airlines Group (AAL 0.17%). American said it believed a competing service would be able to give it faster service at lower cost, and it therefore filed suit after having provided notice to Gogo of the rival offering and having failed to receive a release from its existing contract with Gogo. The lawsuit shows the dangers of Gogo's business model, which, in the company's early history, was based on getting a first-mover advantage and locking in contracts with airlines to earn a stranglehold over the industry. Now that competitors are starting to challenge Gogo's position, investors fear that any competitive advantage might not be as lasting as they had initially hoped.

Community Health Systems dropped 22% in the wake of its fourth-quarter financial report. The hospital company reported a surprise loss on falling revenue, and Community Health's 2016 guidance was also less than the consensus forecast among investors following the stock. The company has struggled to integrate its merger with fellow hospital operator HMA, and the facilities Community Health acquired in the merger haven't done as well from an operational standpoint as the facilities Community Health already owned prior to the merger. Some analysts also pointed to the relatively tame winter weather in holding down hospital admissions in certain parts of the country, and ongoing concerns about healthcare reform continue to weigh on Community Health and other companies in the hospital space.

Finally, the Market Vectors Gold Miners ETF fell 9% today. The precious metals markets paused in their upward move Tuesday, with gold falling $8 to $1,201 per ounce, and silver giving up $0.12 to $15.21 per ounce. Yet some gold bulls suggested that Tuesday's price moves were just a temporary correction in a huge upward swing that has carried the ETF to gains of more than 50% between mid-January and Friday's close. Gold has fallen for several years now, and miners have taken steps to cut their costs and focus on their most profitable mining opportunities.

If gold stabilizes now, whether due to a pause in the rise of the U.S. dollar or a general rebound in commodities more broadly, then mining stocks have a lot of ground they could regain. Gold is far from a sure thing, but as long as stock market uncertainty persists, some investors will do as they often do and look to the gold market as a safe haven.