S&P, NASDAQ Plummet as Nvidia Drops

The S&P 500 slid on Wednesday as investors assessed a stark warning from Nvidia that pressured global tech.

The Dow Jones Industrials sank 211.63 points to move into Wednesday afternoon at 40,157.33.

The broader index folded 68.47 points, or 1.3%, to 5,328.16

The NASDAQ Composite slid 360.42 points, or 2.1%, to 16,463,08

Shares of Nvidia lost 6% after the chip giant said it will post a $5.5-billion quarterly charge related to exporting its H20 graphics processing units to China and other nations. The company said in a filing that the U.S. government required a license to send chips from the U.S. to China.

Other chipmakers followed Nvidia lower. AMD slid more than 6%, while Micron Technology slid 3%. Adding to the broader chip decline was a disappointing earnings report from ASML, with U.S.-listed shares losing more than 5%.

Big tech also felt pressure. Meta Platforms slid more than 2%, while Google-parent Alphabet and Tesla each declined by more than 1%.

Prices for the 10-year Treasury were up slightly Wednesday, easing yields to 4.32% from Tuesday’s 4.33%. Treasury prices and yields in opposite directions.

Oil prices gained $1.23 to $62.51 U.S. a barrel.

Prices for gold jumped $100.50 to $3,341.10 U.S.