The major New York Stock exchanges experienced mixed closes for the third consecutive day. While the Dow Jones Industrial Average saw gains with a four-day streak, the Standard & Poor’s (S&P) 500 and the NASDAQ declined for the third day in a row.
The Dow rose to 39,411.21, up 260.88p (0.67%) from last weekend.
Despite declines in Amazon and Intel, the index continued to rise as Goldman Sachs and JP Morgan each rose 2.65% and 1.31%, respectively, with 22 out of 30 stocks rising. However, the S&P500 and the NASDAQ continued to drop due to Nvidia’s 6.7% plunge. The S&P500 finished at 5447.87, down 16.75p (0.31%), and the NASDAQ closed at 17,496.82, down 192.54p (1.09%).
Nvidia triggered a tech stock weakness by dropping 6.7%. Nvidia crashed to $118.11, a drop of $8.46 (6.68%) from last weekend. After soaring to $135.58 on the 18th, Nvidia dropped 12.9% over the three days, officially entering a correction by a drop of more than 10% from its peak. The market capitalization of $432 billion was erased.
Other major tech stocks, except for Apple and Meta, also fell after Nvidia’s plunge.
Microsoft closed at $447.67, down $2.11 (0.47%), and Alphabet closed at $179.22, down $0.41 (0.23%). Amazon closed at $185.57, down $3.51 (1.86%), and Tesla closed at $182.58, down $0.43 (0.23%).
On the other hand, Apple rose despite the EU’s preliminary ruling on the Digital Market Act. This was due to Apple’s partnerships with AI startups such as Meta Platforms, Anthropic, and Perplexity. Apple closed at $208.14, up $0.65 (0.31%), and Meta closed at $498.91, up $4.13 (0.83%).
