American stock indices are snatching defeat from the jaws of victory.
The Dow Jones didn’t really react positively early on to Nvidia’s better-than-expected results after yesterday’s close.
However, the S&P Index and NASDAQ Index hit new record highs earlier in the day, until the stronger-than-expected S&P/Global PMI pushed yields higher. Stocks began to erode its gains. The S&P has gone negative. Later, the Nasdaq followed suit, and before long the markets snatched defeat from the jaws of victory.
Another headline might be “Inflation Concerns > Nvidia Earnings.”
At the closing bell:
- The Dow Jones industrial average fell -608.79 points or -1.53% to 39,065.25
- The S&P index fell -39.17 points or -0.74% to 5267.85
- The NASDAQ index fell -65.51 points or -0.39% to 16736.03.
The interest rate-sensitive Russell 2000 index fell -33.30 points or -1.60% to 2048.40.
Looking at US yields, the 2-year security rose 5.7 basis points to 4.935%. The 10-year yield rose 4.5 basis points to 4.478%. The two-year yield is up 10.8 basis points this week.
Despite the declines, Nvidia still held on, then closed up $8.49, or 9.32%, at $1,037.99. It’s a record.
Compared to some of the other large cap stocks, the results haven’t been as good:
- Metaplatforms, -0.43%
- Amazon -1.14%
- Super Micro Computers -2.96%
- Alphabet, -1.60%
- Microsoft, -0.82%
- Tesla-3.54%
- Netflix -0.75%
- AMD, -3.08%
- Snowflake -5.36%
Most of these stocks were trading in positive territory at some point today.
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