Stocks dropped on Thursday as investors anticipated Federal Reserve Chairman Jerome Powell’s important speech and disappointment over the market’s failure to gain from the euphoria around Nvidia’s ground-breaking results.
S&P 500 and Nasdaq Composite both experienced declines of 0.7% and 1.3%, respectively. The decline of 179 points, or 0.5%, in the Dow Jones Industrial Average.
Following the release of quarterly results and sales that above high analyst expectations, Nvidia said, its shares increased 2.8% to a record high. Executives at the company forecast third-quarter revenue would rise to $16 billion, or a 170% increase over the same period last year, as part of an increase in guidance.
Source (CNBC)
