US markets end lower as Nvidia casts a pall
A pullback in big AI-focused companies weighed on the market, capping a turbulent week on Wall Street. The S&P 500 fell 0.4 percent, but managed to post a 2.5 percent gain for the week. The Dow Jones Industrial Average recovered from an early slide and eked out a 0.1 percent gain. The Nasdaq composite fell 0.9 percent, but also notched its first weekly gain in five weeks. The S&P 500 fell 30.73…
US technology stocks dragged down the market on Wall Street this week, with Nvidia's CEO resignation and subsequent stock slide causing a significant impact. The S&P 500 and Nasdaq Composite both fell, while the Dow Jones Industrial Average managed to gain slightly. Nvidia's market cap lost over $600 billion this week, with the company's stock falling by 2 percent.
Broadcom and Advanced Micro Devices also saw declines, with their stocks dropping by 4.8 percent and 8.8 percent, respectively. Despite facing a global outage for its web services, Microsoft managed to rise by 0.2 percent. Inflation remains high, with the wholesale inflation report showing a slight cooling but still above the Federal Reserve's target of 2 percent.
The central bank maintained interest rates at their last meeting, with economists predicting further hikes in December and January. The mixed performance of major tech stocks has raised concerns about concentrated risk in the market, with Nvidia's slip highlighting the potential for a slowdown in the AI industry.
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.
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- 10 milestones in Nvidia's growth, from the NV1 to $3 trillion in market value qz.com
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- Nvidia scandal: What’s next for the US tech company? aljazeera.com
- China tech stocks emerge as one of BofA's best risk-on plays seekingalpha.com
