The New York Stock Exchange closed in the red on Tuesday, weakened by a decline in technology stocks led by semiconductor giant Nvidia, which fell by 9.53%.
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After the bell rang, The Dow Jones Industrial Average fell 1.51%to 40,936 units, the selective S&P 500 fell 2.12% to 5,528 points; and the technological Nasdaq lost 3.26% to 17,136 units.
Nvidia’s decline comes after the company, which has been the driving force of tech stocks so far this year, reported impressive results last week with a year-on-year net profit of $31.84 billion (around €28.786 billion) in its first fiscal half year, representing an increase of 282%.
However, according to experts, investors are now likely to dump shares of highly volatile companies in anticipation of the Federal Reserve’s decision on its long-awaited interest rate cut, which is scheduled to take place at its Federal Open Market Committee meeting on September 17-18. In addition to Nvidia’s decline, storage services company Micron fell 7.96%, chip company Advanced Micro Devices dropped 7.82% and VanEck Semiconductor dropped 7.50%.
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Wall Street.
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So, the S&P 500 information technology sector led the overall index to decline, posting its worst day since September 2022.
At the conclusion of August operations, The S&P 500 experienced a cumulative advance of 2.3% in the month, while the Dow Jones Industrial Average rose almost 1.8% and the Nasdaq technology index rose 0.7% over the same period. But Wall Street will now have to deal with seasonality, as September has been the worst month on average for the S&P 500 over the past 10 years.
As for sectors, the only gains were in essential goods (0.76%) and real estate (0.27%), with the biggest losses in technology (-4.43%), energy (-2.41%) and communications (-2.34%). Among the 30 largest listed companies in the Dow, the most notable declines were in Intel (-8.8%) and Boeing (-7.32%), with the most notable gains in Verizon (2.75%) and Procter & Gamble (1.74%).
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EFE
