Wall Street closed lower, despite a blowout profit report from Nvidia, as bond yields rose ahead of a highly anticipated speech from Federal Reserve Chair Jerome Powell.
The S&P 500 fell 1.3% Thursday after erasing an earlier gain. The index is still a touch higher for the week. The Dow fell 373 points, and the Nasdaq lost 1.9%.
Nvidia ended slightly higher after its profit report topped high expectations and raised hopes that this year’s frenzy around artificial-intelligence technology isn’t just hype. But the rest of the stock market was weaker as rising Treasury yields cranked up the pressure.
On Thursday:
The S&P 500 fell 59.70 points, or 1.3%, to 4,736.31.
The Dow Jones Industrial Average fell 373.56 points, or 1.1%, to 34,099.42.
The Nasdaq composite fell 257.06 points, or 1.9%, to 13,463.97.
The Russell 2000 index of smaller companies fell 23.75 points, or 1.3%, to 1,846.28.
For the week:
The S&P 500 is up 6.60 points, or 0.2%.
The Dow is down 401.24 points, or 1.2%.
The Nasdaq is up 173.20 points, or 1.3%.
The Russell 2000 is down 13.14 points, or 0.7%.
For the year:
The S&P 500 is up 536.81 points, or 14%.
The Dow is up 952.17 points, or 2.9%.
The Nasdaq is up 2,997.49 points, or 28.6%.
The Russell 2000 is up 85.03 points, or 4.8%.
Sourse: abcnews.go.com
