Stocks tumbled today after Wall Street had its worst day since early August, with heavyweight Nvidia falling and leading to a global decline in chip-related stocks, the Associated Press reports. Futures for the S&P 500 were down 0.4%, and Dow Jones Industrial Average futures dropped 0.2%.
Nvidia fell 9.5% on Tuesday. Its stock has been struggling even after the chip company topped high expectations for its latest profit report. The subdued performance is bolstering criticism that Nvidia and other Big Tech stocks simply soared too high in Wall Street’s frenzy around artificial intelligence technology.
Treasury yields also stumbled in the bond market after a report showed American manufacturing shrank again in August, sputtering under the weight of high interest rates. Manufacturing has been contracting for most of the past two years, and its performance for August was worse than economists expected.
All told, the S&P 500 fell 119.47 points to 5,528.93 on Tuesday. The Dow dropped 626.15 to 40,936.93, and the Nasdaq composite sank 577.33 to 17,136.30.
In the bond market, the yield on the 10-year Treasury fell to 3.84% from 3.91% late Friday. That’s down from 4.70% in late April, a significant move for the bond market.
Early today, benchmark U.S. crude fell 57 cents to $69.77 per barrel. Brent crude, the international standard, lost 75 cents to $73.00 per barrel.
In currency dealing, the U.S. dollar was trading at 145.17 Japanese yen from 145.47 yen.
