Wall St down as Nvidia drop outweighs energy gains
US stocks closed lower on Thursday, as a drop in Nvidia shares after CEO Jensen Huang's exit outweighed gains in energy shares. The chip company's shares fell 4.3 percent but were well off the day's lowest level after earlier dropping nearly 12 percent. Retail investors bought Nvidia shares worth about US$111 million in the first half hour of trading, the biggest opening bid on record for the…
U.S. stocks slipped on Thursday as Nvidia's shares tumbled 4.3 percent after CEO Jensen Huang stepped down, despite energy stocks gaining 1.5 percent. Retail investors poured $111 million into Nvidia shares during the first half-hour of trading, the largest opening bid recorded for the company. The S&P 500 energy index, the fourth straight day of gains, drove the sector's performance.
Meanwhile, AI-linked stocks, including Nebius, experienced significant losses following reports of quarterly earnings and an outlook. Nvidia's competitors, such as Broadcom, Advanced Micro Devices, and Alphabet, saw gains and contributed to the S&P 500's recovery. Market volatility has been attributed to concerns about AI regulation post-Democratic victories in the US midterm elections, as well as Nvidia's leadership changes.
Jed Ellerbroek, a portfolio manager, noted that the market is currently selling AI and tech stocks while buying safe assets, but anticipates a reversal. The Dow Jones Industrial Average fell 189 points, the S&P 500 dropped 26 points, and the Nasdaq Composite declined 100 points.
Written by urgent.news from RTHK News - Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- US stocks close lower as Nvidia drop outweighs energy gains freemalaysiatoday.com
- US stocks: Equities close lower as Nvidia drop outweighs energy gains businesstimes.com.sg
- US stocks: US market closes lower as Nvidia slide outweighs energy rally economictimes.indiatimes.com
