Skip to content

S&P 500 Finishes Lower After Wiping Out 1% Rally: Markets Wrap

  • Investors are awaiting key US inflation data later this week
  • Nvidia weighs heavily on chipmakers after cutting its forecast
Video player cover image
Cathie Wood: We're in a RecessionSource: Bloomberg
Updated on

Stocks failed to hold onto gains, with a gloomy forecast from Nvidia Corp. weighing on technology shares and traders awaiting inflation data for clues on the pace of Federal Reserve rate hikes.

The S&P 500 erased a rally that reached 1% earlier in the day, while the Nasdaq 100 underperformed after an advance that briefly drove the tech-heavy gauge 20% above its June low. Nvidia tumbled almost 6.5%, dragging down chipmakers. Treasuries climbed.