Stocks Bleed With the Dow Marking Worst Day This Year | Wall Street Today
Stocks fell on Thursday, with the Dow marking its worst day of 2024, despite Nvidia seeing a $221 billion boost in its market cap on the day.
The $Dow Jones Industrial Average(.DJI.US$ ended 605 points lower, or down 1.5%. The $Nasdaq Composite Index(.IXIC.US$ lost 0.4%, and the $S&P 500 Index(.SPX.US$ was down 0.27%.
MACRO
US jobless claims fell to 215,000 in the week ended May 18. With a similar drop in the week before, this is the biggest back-to-back decline since September, according to Labor Department data released Thursday.
Meantime, US business activity accelerated in early May at the fastest pace in two years, largely reflecting stronger growth at service providers and accompanied by a pickup in inflation.
SECTORS
Oil fell, weighed down by declining equity markets and a government report that showed US crude stockpiles increasing less than projected.
West Texas Intermediate tumbled by 1.6% to settle below $78 after signs the Federal Reserve may hold interest rates higher for longer spurred a selloff in stocks.
MOOVERS
$NVIDIA(NVDA.US$ shares surged 9.3% following the strong results on Wednesday. But even before Nvidia revealed its earnings beat, data shows that Nvidia became the largest holding in the average retail investor's portfolio.
$Snowflake(SNOW.US$’s stock fell 5.3% after the software company reported better-than-expected revenue.
Shares of $Alibaba(BABA.US$ fell again with 2.2% lower, after the company said it planned to sell $4.5 billion worth of debt that can be converted into cash for stock.
$Bilibili(BILI.US$’s stocks saw a 12.3% decrease despite a 12% jump on revenue. The company also reported loss per share of 1.80 yuan, up from 1.53 yuan a year prior, the filing stated.
Source: Bloomberg, MarketWatch
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