U.S. stock indexes are suffering defeat just before victory.
The Dow Jones Industrial Average initially reacted poorly to Nvidia’s better-than-expected earnings after the close yesterday.
However, while the S&P and NASDAQ indexes hit new all-time highs early today, a stronger than expected S&P/Global PMI sent yields soaring. Stocks began to eat away at the gains. The S&P turned negative. Then the NASDAQ followed suit, and the market soon suffered defeat right at the brink of victory.
Another headline might be “Inflation Concerns > Nvidia Earnings.”
When the final bell rings:
- The Dow Jones Industrial Average fell 608.79 points, or 1.53%, to 39,065.25.
- The S&P index fell -39.17 points, or -0.74%, to 5,267.85.
- The Nasdaq index fell 65.51 points, or 0.39%, to 16,736.03.
The interest-sensitive Russell 2000 index fell 33.30 points, or 1.60%, to 2,048.40.
Looking at U.S. yields, the 2-year note rose 5.7 basis points to 4.935%. The 10-year note rose 4.5 basis points to 4.478%. The 2-year yield rose 10.8 basis points this week.
Despite the drop in its stock price, Nvidia held up, rising $8.49, or 9.32%, to close at $1,037.99, a record closing price.
Some other major large cap stocks didn’t fare as well.
- Metaplatform, -0.43%
- Amazon -1.14%
- Super Microcomputer -2.96%
- Alphabet, -1.60%
- Microsoft, -0.82%
- Tesla -3.54%
- Netflix -0.75%
- AMD, -3.08%
- Snowflake -5.36%
Most of these stocks were trading in positive territory at some point today.
