Stock market today: Tech leads stock slide, Nvidia falls almost 4%
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US stocks fell on Wednesday, with the S&P 500 ending down about 0.6% and the tech-heavy Nasdaq Composite leading the losses, falling over 1%. Nvidia fell almost 4% and Meta slid over 1%. The tech sector was the worst-performing sector in the S&P 500, falling nearly 1.5%. Stocks have struggled to reprise their early-year rally, buffeted most recently by worries over heightened tensions in the Middle East and uncertainty over the timing and depth of rate cuts. United Airlines shares rose more than 17% after posting better-than-expected quarterly results. ASML fell more than 7% after missing order estimates. Oil futures fell roughly 3% as the risk of a widening conflict in the Middle East appeared to ease. Mortgage demand picked up for the second consecutive week even though rates rose during that period. The S&P 500 closed lower for a fourth straight day, marking its first four-day losing streak since late December into the start of 2024. Investors increasingly expect a 'no landing' scenario for the US economy, in which inflation doesn't reach the Fed's 2% target, but the US economy keeps growing. Higher rates haven't always been a problem for stocks, as the S&P 500's monthly return has actually delivered its best annualized average returns when the 10-year Treasury yield was higher. Earnings season is under scrutiny as companies that miss estimates for both earnings per share and revenue have seen a negative stock reaction of more than 10% the next day. United Airlines stock rose more than 10% after reporting better-than-expected quarterly results. US stocks rebounded in early trade on Wednesday, with the S&P 500 and Dow Jones Industrial Average both up roughly 0.4%. Netflix shares have had a great ride this year, up 27% year to date. Investors are still hoping for rate cuts in 2024. Tesla shares have had an awful start to 2024, down about 90% from their October 2020 peak. Shares of Zoom and Peloton hit fresh lows.
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