Reported 5 months ago
U.S. stocks closed lower despite Nvidia's strong revenue forecast, which led to a surge in its shares, as inflation concerns weighed on market sentiment. Nvidia's shares rose above $1,000 for the first time, boosting the Nasdaq and S&P 500 to intraday records initially. However, economic data showing increased price pressures and lower jobless claims dampened market optimism. The Dow Jones fell by 1.53%, the S&P 500 by 0.74%, and the Nasdaq by 0.39%. Nvidia's gains helped lift the S&P 500 tech index, but overall chip stocks were lower. The market rally has been driven by AI optimism and earnings, with investors eyeing potential Fed rate cuts.
Source: YAHOO