US stocks tumble as Nvidia-led rally fizzles ahead of Powell's Jackson Hole speech

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Indexes dropped despite Nvidia stock hitting an all-time high after the chipmaker's blowout second-quarter earnings report.

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Chief Executive Officer Dave McKay forecast slowing growth and lower inflation due to the lagging impact of monetary policy, combined with a slowdown in China and elevated climate and geopolitical risks. -- VinFast Auto Ltd.’s head-scratching surge has given the money-losing electric car startup a bigger market capitalization than Citigroup Inc., with famed short seller Jim Chanos calling the stock’s valuation “insane.

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