Nvidia and Big Tech lead US markets lower | InterPrac

Nvidia and Big Tech lead US markets lower

Nvidia and Big Tech lead US markets lower


US markets ended in the red for the fourth trading day in a row as big tech names weighed heavily on markets.

The S&P 500 closed down 0.58 per cent, the tech heavy Nasdaq slid 1.15 per cent and the Dow Jones closed 0.12 per cent lower.

Nvidia led the tech sell-off, closing down nearly 4 per cent, with other big tech names Netflix, Meta, Apple and Microsoft all finishing well in the red.

Turning to US sectors, Technology was the biggest loser, closing down 1.7 per cent, followed by Real Estate, which closed down 0.8 per cent. Utilities was the best-performing sector, closing up over 2 per cent.

Turning to company news, less than 10 per cent of S&P 500-listed companies have reported financials so far. More than three out of every four have surpassed Wall Street expectations, per FactSet.

United Airlines rallied more than 17 per cent after posting a smaller than expected loss and stronger than expected revenue numbers. JB Hunt Transport Services fell more than 8 per cent after missing analysts’ expectations on the top and bottom lines.

Wednesday’s performance comes amid a bout of weakness that has marked a reprieve from the strong gains seen in the first quarter and in 2023. The Dow has slid more than 5 per cent in April, while the S&P 500 and Nasdaq Composite have tumbled more than 4 per cent.

In commodities news, copper rallied as risk appetite improved in global financial markets and warnings about the metal’s tight supply dynamics persisted. The LME price rose as much as 1.6 per cent.

Turning to local markets, all eyes will be on interest rates, with the release of March employment data at 11.30am. Expectations are for unemployment to pick back up to 3.9 per cent from 3.7 per cent in February. A weak unemployment figure this month could be a significant factor in pushing rate cuts further back on the calendar.

The SPI futures are pointing to a 0.3 per cent rise.


One Australian dollar at 7.20am was buying 64.36 US cents.


Gold has lost 0.81 per cent. Silver has gained 0.08 per cent. Copper has gained 0.74 per cent. Oil shed 0.06 per cent.

Figures around the globe

European markets closed higher. London’s FTSE added 0.35 per cent, Frankfurt gained 0.02 per cent, and Paris closed 0.62 per cent higher.

Turning to Asian markets, Tokyo’s Nikkei fell 1.32 per cent, Hong Kong’s Hang Seng added 0.02 per cent and China’s Shanghai Composite closed 2.14 per cent higher.

Yesterday, the Australian share market closed 0.09 per cent lower at 7,605.59.


Horizon Oil (ASX:HZN) is paying 1.5 cents unfranked.
Plato Income Maximiser (ASX:PL8) is paying 0.55 cents fully franked.
Spheria Emerging Companies (ASX:SEC) is paying 3 cents fully franked.
The Reject Shop (ASX:TRS) is paying 10 cents fully franked.
WAM Capital (ASX:WAM) is paying 7.75 cents 60% franked.

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.


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Source: Finance News Network

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