Stocks fell Thursday as excitement around blockbuster Nvidia results failed to boost the broader market, and investors looked ahead to a key speech from Federal Reserve Chairman Jerome Powell.
The Dow Jones Industrials flopped 189.07 points to greet noon EDT at 34,283.91.
The S&P 500 index dropped 35.78 points to 4,400.23.
The NASDAQ index lost 181.11 points, or 1.3%, to 13,539.92.
Nvidia shares gained 2.8% and reached an all-time high after the company reported quarterly earnings and revenue that exceeded lofty analyst expectations. The company also raised its guidance, with executives predicting third-quarter revenue would climb to $16 billion, or a year-over-year increase of 170%.
This marks the second straight quarterly report from Nvidia that blew away expectations. The first-quarter numbers, released in May, helped stoke investor interest in artificial intelligence, which became a key market driver in the first half of the year. Interest in the chip stock catapulted its value to more than $1 trillion.
However, that wasn’t enough to lift the broader tech sector. Shares of Amazon lost 2.2% and Apple declined 1.8%, while Netflix shed 4.4%.
Thursday’s moves come as investors await comments from Federal Reserve Chair Jerome Powell from Jackson Hole, Wyoming, on Friday, which Wall Street hopes will provide insight toward the path of benchmark interest rates.
Prices for the 10-year Treasury were down, raising yields to 4.22% from Wednesday’s 4.19%. Treasury prices and yields move in opposite directions.
Oil prices fell three cents to $78.86 U.S. a barrel.
Gold prices regained 90 cents to $1,949.00 U.S. an ounce.