On Wednesday, stocks retreated as Nvidia’s decline weighed on the market, with investors awaiting the chipmaker’s latest earnings report, according to CNBC.
The Nasdaq Composite fell 1.12 percent to close at 17,556.03, the S&P 500 dipped 0.6 percent to finish at 5,592.18, and the Dow Jones Industrial Average dropped 159.08 points, or 0.39 percent, settling at 41,091.42.
Investors are closely monitoring Nvidia’s performance to gauge the sustainability of the ongoing tech and artificial intelligence (AI) rally. Nvidia’s stock has soared more than 150 percent in 2024, raising questions about how much further it can go.