Stock Rally Shows Signs of Fatigue as Nvidia Sinks
Stocks struggled to gain traction after a rally that drove the market to all-time highs as chipmakers fell and a slide in oil dragged down energy producers.
The S&P 500 was little changed, hovering near technically overbought levels. Nvidia Corp. lost 1.6% on a news report that Biden administration officials have discussed capping sales of advanced AI chips from the company and other American firms on a country-specific basis. Bank of America Corp. climbed 2% as earnings topped estimates. Goldman Sachs Group Inc. and Citigroup Inc., which also reported solid results, came under pressure.
The S&P 500 was little changed. The yield on 10-year Treasuries declined five basis points to 4.06%. Oil plummeted after a report that Israel may avoid targeting Iran’s crude infrastructure eased concerns over a major supply disruption.
The S&P 500 was little changed as of 10:01 a.m. New York time
The Nasdaq 100 was little changed
The Dow Jones Industrial Average fell 0.7%
Source : Bloomberg
