S&P Plummet as Nvidia Drops
Stocks fell on Wednesday as investors assessed a stark warning from Nvidia that pressured global tech.
The Dow Jones Industrials sank 269.04 points to start off Wednesday at 40,099.92.
The S&P 500 folded 70.87 points, or 1.3%, to 5,325.76
The NASDAQ Composite slid 364.54 points, or 2.2%, to 16,458.63
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 static early Wednesday, keeping yields at Tuesday’s 4.33%.
Oil prices gained 93 cents to $62.26 U.S. a barrel.
Prices for gold jumped $80.20 to $3,320.60 U.S.
