The stock market in the United States is experiencing a quiet end to the week, with Nvidia’s stock cooling off after a remarkable surge. The S&P 500 is slightly lower, while the Dow Jones Industrial Average is up and the Nasdaq composite is lower.
Nvidia, which saw its stock price soar over 1,000% since October 2022, is now facing its first losing week in nine days. The company’s drop is impacting the overall market sentiment.
Despite the overall quietness, there are some outliers in the market. Sarepta Therapeutics saw a significant jump after receiving approval for its medicine, while CarMax exceeded analysts’ profit expectations. On the other hand, gun maker Smith & Wesson Brands reported stronger profits but saw a decline in its stock price.
The bond market also saw some fluctuations, with U.S. Treasury yields initially falling before recovering. Concerns about business activity in Europe and inflation are impacting market dynamics.
Traders are hopeful that the Federal Reserve can navigate the current economic challenges, with many predicting interest rate cuts later this year. However, Fed officials have only penciled in one or two cuts in 2024.
Overall, the market is experiencing some ups and downs, with various factors influencing investor sentiment. Trading could see shifts throughout the day as investors navigate the current economic landscape.