S&P 500 Rally Loses Steam, But Most US Stocks Gain: Markets Wrap
- US economy expands at revised 3% rate on resilient consumer
- Nvidia sinks on disappointing forecast, Blackwell chip snags
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A rally in the S&P 500 lost traction as Nvidia Corp. extended its selloff to more than 6%. The good news: most stocks in the US advanced.
Buoyed by data showing the economy is holding up and a host of market observers reassuring investors that Nvidia’s growth prospects remain intact, the vast majority of groups in the American equity benchmark rose. While tech was dragged down by the chipmaker, five companies in the “Magnificent Seven” group of megacaps gained. The Dow Jones Industrial Average closed at an all-time high. The Russell 2000 of small firms climbed. In late hours, Dell Technologies Inc. jumped after its results.