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Stock market today: Stocks slide, Dow suffers worst day in a year as Nvidia fails to spur market rally

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Nasdaq Composite,Investor Sentiment,Market Rally

Nvidia's blockbuster earnings have fired up optimism for AI's ability to fuel growth, eclipsing rate-hike worries for now.

Stocks slid from record levels on Thursday as interest rate worries dominated investor sentiment after Nvidia's blockbuster earnings failed to spur a broader market rally. The tech-heavy Nasdaq Composite fell about 0.4%, while the S&P 500 dropped more nearly 0.8%. The Dow Jones Industrial Average dipped more than 1.5%, or 600 points, for its worst day since March 2023. A 7% drop in Boeing shares following an announcement of delayed plane deliveries weighed on the Dow.

The chip giant also raised its guidance, easing fears that AI demand might be losing steam. Other chipmakers and AI-related stocks rode higher on the coattails of the results, with server maker Dell up about 4%. Stocks had slipped on Wednesday after Federal Reserve minutes reignited concerns over the path of interest rates. Economic data on Thursday furthered that narrative. The S&P Global Purchasing Managers Index for May came in at 54.4 versus 51.3 last month.

 

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