With investors pulling out of the year’s biggest winners in technology, like Nvidia and Meta Platforms, the S&P 500 fell from a record.
Investors shifted their focus towards small caps and housing-related companies, as the consumer price index reached its lowest level in almost three years, causing interest rates to decline.
The closing price of the S&P 500 was 5,584.54, down 0.88% from the record it had touched earlier in the session. Following its own set of records earlier in the trading day, the Nasdaq Composite saw a 1.95% decline.
Over 5% of Nvidia’s value fell, which contributed to the tech-heavy index’s closing day low of 18,283.41. A gain of 32.39 points, or 0.08%, saw the Dow Jones Industrial Average close at 39,753.75.
Source (CNBC)
