Despite stronger than expected retail sales data in March, the stock market opened under pressure primarily due to a significant drop in Nvidia stocks, triggered by a $5.5 billion charge related to chip exports to China. The Nasdaq Composite faced a 1.7% decline. In contrast, gold prices surged as investors sought safe-haven assets amidst economic uncertainty. Additionally, Applied Digital saw gains despite missing earnings expectations, indicating resilience in the tech sector. Overall, the market's mood indicated caution amidst various pressures affecting different sectors.
The technology sector is being dragged lower by NVDA stock after the company revealed an upcoming $5.5 billion charge related to chip exports to China, igniting trade war selling once again.
Despite missing Wall Street's expectations, Applied Digital is benefiting from its roll in data center infrastructure for AI and high-performance computing, two white-hot tech trends.
Retail sales grew by 1.4% in March, stronger than the expected 1.2% increase and providing yet another sign of a resilient U.S. consumer.
The gold price is rising 2.4% today to $3,319.30 per ounce as investors flock to the inflationary hedge during these times of heightened uncertainty.
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