Stocks Recoil as Nvidia Rally Unravels; Nasdaq Slides 2.15%
A powerful early bounce in U.S. equities fizzled into a late-day selloff, leaving major stock indices sharply lower by the close. An initial surge following Nvidia’s earnings beat gave way to broad risk-off sentiment, weighing on technology, AI, and semiconductor shares and pressuring crypto prices.
The Nasdaq Composite, up as much as 583 points at the session high, reversed to finish down 486.18 points, or 2.15%. The S&P 500 swung from a 128-point intraday gain to close lower by 103.19 points, down 1.55%. The Dow Jones Industrial Average, up nearly 718 points at its peak, ended down 386.33 points, a decline of 0.84%.
Nvidia jumped more than 5% at the open and touched 6 after its results topped expectations, but momentum flipped once the stock slipped below key hourly moving averages. Selling accelerated into the close, with Nvidia ending at $180.98, down 2.97%, holding just above its 100-day moving average near $180.08. The retreat hit high-beta names broadly: Micron (-10.87%), Robinhood (-10.11%), Western Digital (-8.92%), AMD (-7.84%), Moderna (-7.53%), Palo Alto Networks (-7.47%), DoorDash (-7.21%), Uber (-6.88%), SoFi (-6.77%), Oracle (-6.59%), Super Micro Computer (-6.34%), Lam Research (-6.18%), Roblox (-5.82%), Palantir (-5.81%), ASML ADR (-5.57%), MicroStrategy (-5.02%), Stellantis (-4.85%), Celsius (-4.83%), Corning (-4.64%), and Intel (-4.24%). Nebius NV led declines at -11.01%. Risk appetite also deteriorated in digital assets, with Bitcoin sliding to $86,538, its lowest level since April.
Key Points – Major indices reversed hard: Nasdaq -2.15%, S&P 500 -1.55%, Dow -0.84% at the close – Early gains tied to Nvidia’s earnings beat evaporated as the stock reversed to -2.97% at $180.98 – Nvidia peaked at $196 intraday and finished just above its 100-day moving average near $180.08 – Semiconductors and high-beta tech led declines, including Micron, AMD, Western Digital, Lam Research, and Super Micro – Additional notable laggards: Robinhood, Palo Alto Networks, Oracle, Uber, DoorDash, Palantir, ASML ADR, and Intel – Bitcoin fell to $86,538, marking its lowest level since April
