Stock market today: Live updates

[Pelican Press 0]

Stock market today: Live updates

Stocks slid Wednesday, as a pullback in artificial intelligence darling Nvidia took away one of the last few bright spots for traders.

The Dow Jones Industrial Average fell 348 points, or 0.9%. The S&P 500 dipped 0.7%, and the Nasdaq Composite also slipped 0.7%.

Nvidia was down for the first time since posting blockbuster earnings last week. Over the three trading days after the report was released, Nvidia surged roughly 20%. Other megacap tech struggled, with Tesla, Alphabet and

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and Meta all in the red.

Outside of tech, ********* Airlines tumbled more than 12% after slashing its sales

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for the second quarter. Southwest Airlines dipped about 6% in sympathy. On the other hand, *****’s Sporting Goods jumped more than 11% on the back of strong earnings and raised guidance.

Wednesday’s move lower comes as the 10-year Treasury note yield ticked higher for a second day, last trading above 4.57%. On Tuesday, the benchmark yield popped above 4.5% — a troublesome level for stock investors — following a Treasury Department auction that was met with weak demand.

“Stocks are getting hit in most major markets as the poor US price action from Tues carries over into Wednesday,” Adam Crisafulli of Vital Knowledge wrote. “The narrative is starting to splinter a bit, with the macro conversation worried about a reacceleration of inflation … while certain industries grapple with the EPS implications of disinflation/deflation.”

That follows after a mixed start to the week. The Dow dropped more than 200 points on Tuesday following the move higher in yields. The S&P 500 closed around its flatline, while the Nasdaq Composite reached a record above 17,000 thanks to strong gains in Nvidia.

The major averages are on track to close the month with impressive gains, partly propped up by enthusiasm about a better-than-expected quarterly earnings season. The S&P 500 is up 5.4% this month, while the Dow has advanced 2.7%. The Nasdaq has climbed 8.7% in May.

The advances arrive even as traders have lowered their expectations for Federal Reserve rate cuts. Indeed, fed funds futures trading data suggests a nearly 54% chance that rates will hold steady in September, according to the

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Dow Jones Industrial Average,S&P 500 Index,Southwest Airlines Co,JetBlue Airways Corp,NVIDIA Corp,NASDAQ Composite,********* Airlines Group Inc,Robinhood Markets Inc,CAVA Group Inc,Breaking News: Markets,Markets,Investment strategy,Stock markets,Marathon Oil Corp,Conocophillips,Tesla Inc,Alphabet Inc,

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Corp,Meta Platforms Inc,*****'S Sporting Goods Inc,business news
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