Wall Street stocks closed lower last night, as declines in major technology companies overshadowed gains elsewhere in the market.
The S&P 500 fell by 0.6% to 5,592.18, driven down by drops in Nvidia, Apple, Microsoft, and Amazon. Approximately 56% of the stocks in the benchmark index ended the day in the red.
Nvidia’s shares continued their decline from earlier in the day, plummeting over 7% in after-hours trading.
The Dow Jones Industrial Average, which had recently reached two consecutive all-time highs, dropped 0.4% to 41,091.42. The Nasdaq Composite, heavily weighted with tech stocks, fell 1.1% to 17,556.03.
The decline came ahead of Nvidia’s eagerly anticipated earnings report. As a key player in AI technology with a market value exceeding $3 trillion, Nvidia’s second-quarter results, which surpassed Wall Street’s forecasts, still led to an after-hours drop of over 8% in its stock.
In the bond market, the yield on 10-year Treasury notes edged up to 3.84% from 3.83% on Tuesday.
In Asia, stocks followed their US counterparts lower, as Nvidia’s disappointing earnings cast a shadow over the tech sector. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6%, the Nikkei dropped 0.4%, and South Korea’s market declined by 0.7%.
