Tech Withdrew from the Stock Market Nvidia Assesses Tech Stocks Prior to Results

Nvidia Assesses Tech Stocks Prior to Results: While the S&P 500 declined 0.6%, the Nasdaq Composite fell 0.9%. The “fear gauge” of the market increased.

Nvidia stock

Nvidia Assesses Tech Stocks Prior to Results

Ahead of the soaring chip maker’s earnings announcement on Wednesday, Nvidia stock was headed for its worst day since May of last year on Tuesday.

According to Dow Jones Market Data, Nvidia shares were down 5.4%, on track for its biggest percent down since May 31, 2023, when they lost 5.7%. For the last five days, four of them have been without Nvidia.

In February, the stock gained 11.6%, and by 2024, it had gained 39%. After a year of gains of 232%, Nvidia’s stock is up.

Tuesday morning trading saw a 1.3% decline in the Nasdaq Composite and a 0.7% decline in the S&P 500. There was only a 46-point, or 0.1%, decline in the Dow Jones Industrial Average. Tuesday saw Nvidia, which has performed exceptionally well over the past year, drag on tech stocks in particular.

“I believe that what you’re witnessing is merely some hedging ahead of the findings,” Tom Essaye of Sevens Report Research informed Barron’s over the phone. “I believe that has a role. The second aspect of it is that there is still some Friday selling going on, as people are beginning to doubt that inflation will simply continue to decline straight down in a straight line rather than being anxious about a resurgence.

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