DAILY UPDATE: Nvidia Stock Down as Markets Extend Losses

Posted on February 21, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Stocks fell to start the week as investors awaited Nvidia’s big earnings report today. Recent earnings for tech companies in the so-called Magnificent Seven have been a mixed bag, but as a group, they have never been stronger. Meanwhile, Intuitive Machines’s stock zoomed as its pilot less spacecraft remained on track to touch down on the lunar surface Thursday.

Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) fell 30.06 points (0.6%) to 4,975.51; the Dow Jones Industrial Average lost 64.19 points (0.2%) to 38,563.80; the NASDAQ Composite declined 144.87 points (0.9%) to 15,630.78.
  • The 10-year Treasury note yield (TNX) fell about 2 basis points to 4.275%.
  • The CBOE Volatility Index® (VIX) rose 0.71 to 15.42.

Nvidia shares fell 4.4%, weakness that helped drag down shares of other chip makers and contributed to a drop of 1.6% in the Philadelphia Semiconductor Index (SOX), which ended near a two-week low. Energy shares also took pressure as WTI crude oil futures (/CL) sank 1.6%. Small caps were also soft, as the Russell 2000® Index (RUT) dropped 1.4%.

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