"An early swoon shook the U.S. stock market on Friday, as Nvidia, bitcoin, gold and other high flyers swung on what's become an increasingly antsy Wall Street, but it quickly calmed. After starting the day with a sharp drop of 1.3%, the S&P 500 erased all of it and was up by 0.4%, with an hour remaining in trading. The Nasdaq composite also flipped to a gain of 0.6%,"
"AI stocks were again at the center of the action, a day after dragging Wall Street to one of its worst drops since its springtime sell-off. Nvidia, which has become the poster child of the frenzy around artificial-intelligence technology, began the day with a loss of 3.4%. It then stormed back to a rise of 2% and yanked the market in its wake."
"Critics have been warning that the U.S. stock market could be primed for a drop because of how high prices have shot since April, leaving them looking too expensive. They pointed in particular to stocks swept up in the AI mania. Nvidia's stock has more than doubled in four of the last five years, for example, and it's still up 42% for this year so far."
An early market swoon hit U.S. stocks, with high flyers such as Nvidia, bitcoin and gold swinging sharply before markets calmed. The S&P 500 fell about 1.3% early then erased losses to finish up roughly 0.4%; the Nasdaq flipped to a 0.6% gain while the Dow trimmed its decline to 0.3%. AI-related stocks drove the moves, with Nvidia plunging 3.4% then rallying 2%. Critics warn valuations look rich after big gains since April, notably in AI names; Nvidia is up 42% this year and has doubled in four of five years. Walmart shares dipped after its CEO announced retirement. Nvidia’s upcoming profit report raises stakes for sustaining the rally.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]