As investors anticipated the chipmaker’s most recent earnings report, stocks declined on Wednesday under pressure from a drop in Nvidia.
After closing at 17,556.03, the Nasdaq Composite dropped 1.12%, and the S&P 500 finished 0.6% lower at 5,592.18. The Dow Jones Industrial Average closed at 41,091.42, down 159.08 points, or 0.39%.
To assess the viability of the larger tech and artificial intelligence industries, Wall Street is closely monitoring Nvidia.
With the large semiconductor company expected to report after the closing, the price has increased by over 150% in 2024, prompting concerns about how much farther the stock may rise. Nvidia saw a 2.1% decrease on Wednesday, which added to the 1.3% loss in the IT industry.
Source (CNBC)
