Wall Street Today: Nasdaq Composite, S&P 500 and DJIA All Slide Despite Nvidia's GTC Conference
The Nasdaq Composite, S&P 500 and Dow-30 all sank Tuesday as stocks failed to pull out of their recent downtrend despite an eagerly anticipated set of new-product announcements from Nvidia and a lack of fresh tariff woes.
The $Nasdaq Composite Index (.IXIC.US)$ shed 304.54 points (1.7%) to a 17,504.12 close, while the $S&P 500 Index (.SPX.US)$ gave up 60.45 ticks (1.1%) to 5,614.66 and the $Dow Jones Industrial Average (.DJI.US)$ lost 260.32 points (0.6%) to 41,582.31.
Stocks fell amid a lack of enthusiasm for market leaders like the "Magnificent Seven" stocks, which all lost ground Tuesday. $Tesla (TSLA.US)$ led the Mag-7 stocks lower, sinking 5.3% to $225.31 after RBC Capital Markets cut the EV giant's price target to $320 from a previous $440.
$NVIDIA (NVDA.US)$likewise fell 3.3% to $115.53 despite CEO Jensen Huang announcing several product updates at his closely watched keynote speech to the chip giant's GTC Conference.
MACRO
Stocks have been generally sliding for weeks amid a combination of concerns over President Donald Trump's tariffs and mixed signals about the U.S. economy's direction.
For example, the Atlanta Federal Reserve Bank's GDPNow forecast predicted Tuesday that U.S. economy will contract at a 1.8% annual rate in Q1, although that's better than the -2.4% rate the bank's model showed last week.
The market's jitters come as the Federal Open Market Committee began its latest two-day monetary-policy meeting Tuesday in Washington, D.C.
The FOMC plans to announce on Wednesday whether to adjust the benchmark Federal Funds Rate from its current 4.25%-4.5% range. Markets widely expect the committee to leave rates unchanged, but will watch for FOMC members' latest "dot plot" of how many rate changes they expect for 2025's remainder.
MOOVERS
Stocks making significant percentage moves upward Tuesday included:
-- $Tencent Music (TME.US)$, which gained 15.8% on well-received quarterly results.
-- $Lucid Group (LCID.US)$, up 8.8% after Morgan Stanley upgraded the electric-vehicle maker to a "Hold" from a previous "Sell."
-- $Quantum Computing (QUBT.US)$, which rose 7.6% amid continued investor enthusiasm for quantum stocks.
Meanwhile, major percentage decliners included:
-- $Sarepta Therapeutics (SRPT.US)$, off 27.4% after earlier hitting its lowest intraday level since July 2022 on word that a muscular-dystrophy patient died after treatment with the pharmaceutical firm's drug Elevidys.
-- $BigBear.ai Holdings (BBAI.US)$, down 14.9% after the artificial-intelligence company warned it will miss the deadline for filing a 10-K annual report due to accounting problems. BBAI also said it will need to restate results going back as far as fiscal 2022.
-- $Reddit (RDDT.US)$, which shed 12.3% after Redburn Atlantic initiated coverage of the social-media giant with a "Sell" rating and a $75 price target vs. RDDT's $110.10 close on Tuesday.
Word from the herd: Mooers, what are you watching?
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Jerry Kronenberg
Director of Financial Content
Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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