As investors moved away from the year’s biggest winners in technology, like Nvidia, Microsoft, and Meta, the S&P 500 fell from a record high.
The move was sparked by the lowest reading of the consumer price index in over three years, which caused interest rates to drop and investors to shift their holdings into small-cap stocks and housing-related securities.
After touching a record earlier in the session, the S&P 500 declined by 0.8%. After setting a new record earlier in the trading day, the Nasdaq Composite saw a 1.7% decline.
21 points, or 0.05%, were added to the Dow Jones Industrial Average. Though growing 159% year over year, Nvidia saw a 5% decline.
Source (CNBC)
