Wall Street: Nvidia stock slides 2.4%, drags markets

At 11:02 am EDT, the Nvidia stock was at $120.08, down $6.49 or 5.13 per cent. 

On Friday, the stock had ended at $126.57.

The chip maker’s stock is falling mainly on profit taking by the investors. Its losses over the three sessions is more than 13 per cent.

Rival chip  stocks including Qualcomm and the US-listed Taiwan Semiconductor Manufacturing dropped more than 2.5 per cent. The index of chip stocks was lower 1.3 per cent.

US stocks

US stock indices were mixed on Monday as the investors are eyeing the Federal Reserve’s preferred inflation index PCE (Personal Consumption Expenditures).

At 9:54 a.m. ET, the Dow Jones Industrial Average was up 231.04 points, or 0.59 per cent, at 39,381.37, the S&P 500 was up 7.42 points, or 0.14 per cent, at 5,472.04, and the Nasdaq Composite was down 36.97 points, or 0.21 per cent, at 17,652.39.

The Personal Consumption Expenditures price index data is due on Friday.

In the week ahead, other crucial economic data such as final first quarter GDP numbers, home sales data, durable goods data, and weekly jobless claims are also slated for release.

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Published: 24 Jun 2024, 07:55 PM IST