Market Update: S&P and Nasdaq Decline as Nvidia Continues to Slide
Money | June 21, 2024, 5:04 p.m.
Friday saw US stocks mostly finish in the red as a tech-led rally, which had been going strong for over a week, began to show signs of fatigue. The S&P 500 and Nasdaq Composite both dipped by about 0.2%, while the Dow Jones Industrial Average managed a small gain. Despite the weekly win, the Nasdaq barely made any progress.
Following a notable dip on Thursday, the S&P briefly crossed the 5,500 mark for the first time, only to retreat. Nvidia, a key player in the AI-fueled rally, lost over 3% after a significant loss on Thursday. Other chip stocks like Broadcom, Super Micro Computer, and Qualcomm also slumped.
Investors are focusing on the US economy's health and the potential for interest rate cuts. Former St. Louis Fed president James Bullard hinted at a possible rate cut in September, based on recent economic data. The upcoming week will provide more insights into the market's direction.