Dow Drops More Than 200 Points, S&P 500 Pulls Back From Record as Nvidia Slides
The S&P 500 and Nasdaq Composite pulled back from record highs Monday, with tech shares struggling and investors looking ahead to key inflation data due out this week.
The broad market index fell 0.61% to close at 6,052.85, and the tech-heavy Nasdaq slid 0.62% to end at 19,736.69. The Dow Jones Industrial Average shed 240.59 points, or 0.54%, settling at 44,401.93.
Nvidia shares dropped about 2.6% on the heels of a Chinese regulator announcing that it’s investigating the artificial intelligence chip darling for potentially violating the country’s antimonopoly law. The stock has been a bellwether for the artificial intelligence trade, up more than 180% in 2024.
Advanced Micro Devices, another chipmaker, closed 5.6% lower after Bank of America downgraded the stock to neutral from buy, with the bank citing its limited market share gain potential as a result of “higher competitive risks in AI against best-of-breed NVDA’s dominance.” Tech giants Meta Platforms and Netflix also struggled.
Source : CNBC
