Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

Business

Dow falls 600 points in worst day of 2024 as Nvidia’s blockbuster earnings fail to lift broader market

by May 24, 2024
May 24, 2024
Dow falls 600 points in worst day of 2024 as Nvidia’s blockbuster earnings fail to lift broader market

Stocks fell Thursday, with the Dow Jones Industrial Average registering its worst day of 2024, as a post-earnings rally in Nvidia failed to lift the broader market.

The 30-stock Dow slid 605.78 points, or 1.53% for its worst session of the year. Boeing was the biggest laggard in the Dow, falling 7.5%. The S&P 500 dropped 0.74%, and the Nasdaq Composite tumbled 0.39% after both indexes reached record highs earlier in the day.

Chipmaker and artificial intelligence darling Nvidia surged 9.3%, sending shares above $1,000, after posting stronger-than-expected fiscal first-quarter results and announcing a 10-for-1 stock split.

Fiscal second-quarter revenue guidance of about $28 billion also beat an LSEG consensus forecast of $26.61 billion — a sign the company doesn’t see its momentum slowing. For the bottom line, analysts expect a profit of $5.95 per share.

Nvidia’s results have been a focal point for Wall Street, as traders hoped for signs that the excitement around AI is not waning. With its market cap of more than $2.5 trillion, Nvidia also has considerable sway over the broad S&P 500.

However, the majority of the stocks in the broad market index turned negative Thursday, indicating a lack of market breadth. More than 400 names in the S&P 500 were lower, and information technology was the only positive sector for the day.

Stronger than expected economic data also evaporated the rally on Thursday as investors cut their odds of a rate cut in September. Services and manufacturing data for May both topped economists’ expectations, according to purchase manager surveys from S&P Global released Thursday. Labor market data also beat estimates, adding to investors’ concerns the Federal Reserve will not lower interest rates soon.

Traders are currently pricing just a 51% chance the Fed will cut rates in its September meeting, down from 58% a day ago and nearly 68% in the prior week, according to the CME FedWatch Tool. When the level falls, below 60% it’s viewed as no longer likely that the Fed will take action.

The market has “some loose footing,” Piper Sandler chief market technician Craig Johnson wrote in a Thursday note. “This market’s strange mix of leadership, combined with breakdowns in transportation stocks and mediocre breadth readings, makes us not so confident that a new leg higher will be sustained from current levels.”

This is a developing story. Please check back for updates.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Palm Beach housekeepers are making $150,000 a year due to massive demand from the wealthy
next post
Experts question RFK Jr.’s sudden ‘bizarre’ medical claims that include brain worms, mercury poisoning

Related Posts

UnitedHealthcare taps company veteran Tim Noel as new...

January 25, 2025

Nearly 5M blenders sold at Costco, Target and...

January 2, 2024

Higher tax filing costs could take a bite...

February 3, 2024

There’s been a ‘meaningful shift’ in CEO confidence...

January 16, 2025

Bud Light sales plunged after boycott over campaign...

August 8, 2023

New sports bundle could give cord-cutting fans their...

February 8, 2024

In wake of L.A. wildfires, a diverse small...

March 4, 2025

Toyota recalling 1.12 million vehicles over potential air...

December 21, 2023

ESPN is launching a sportsbook for online gambling

August 9, 2023

Why it seems like everyone you know is...

May 29, 2024

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Top 10 Countries for Natural Gas Production (Updated 2024)

      April 6, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Top 10 Uranium-producing Countries (Updated 2024)

      April 18, 2024
    • 4

      A GOP operative accused a monastery of voter fraud. Nuns fought back.

      January 3, 2025
    • 5

      Top 9 Nickel-producing Countries (Updated 2024)

      April 23, 2024
    • 6

      Australian abolitionist, Grace Forrest, receives coveted ‘Freedom from Fear’ award

      April 13, 2024
    • 7

      LME Sanctions on Russian Metal Push Copper, Nickel and Aluminum Prices Higher

      April 17, 2024

    Categories

    • Business (1,028)
    • Investing (2,046)
    • Politics (2,977)
    • Uncategorized (20)
    • World (3,347)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved