"The S&P 500 edged just 0.2% higher, despite gains for the majority of stocks within the index. It's a slowdown for the market, coming off Monday's vigorous rebound following its first losing week in four. The Dow Jones Industrial Average was up 483 points, or 1%, as of 2:01 p.m. Eastern time, and the Nasdaq composite was 0.2% lower. All three are still near their all-time highs but have been shaky recently."
"Much of the focus was on Nvidia and other winners of the artificial-intelligence frenzy, as usual. Their sensational growth has been one of the top reasons the U.S. stock market has hit records despite a slowing job market and still-high inflation. But their prices have shot so high that critics say they look too expensive and are reminiscent of the 2000 dot-com bubble that ultimately burst and nearly halved the S&P 500."
"Nvidia sank 2.4% after SoftBank, a Japanese technology giant that had been a major investor, said it had sold its entire stake last month for $5.83 billion. SoftBank is not giving up on AI. It's still focusing on OpenAI, the maker of ChatGPT. Because Nvidia is so large, worth close to $5 trillion, it was the heaviest weight on the S&P 500 Tuesday and checked gains made elsewhere in the market."
Most of Wall Street rose on Tuesday while the S&P 500 edged 0.2% higher despite gains across most constituent stocks. The Dow Jones Industrial Average climbed about 483 points, while the Nasdaq was slightly lower; all indexes remain near all-time highs but have been volatile. Nvidia's decline weighed on the market after SoftBank disclosed it sold its entire stake for $5.83 billion, highlighting concentration risk given Nvidia's near-$5 trillion market value and heavy S&P 500 weighting. AI-focused winners have driven record levels amid slowing jobs and persistent inflation. CoreWeave fell sharply despite better-than-expected results amid supply-chain delays.
Read at Fortune
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