Profit-taking is hitting the broader US equity market with the S&P 500 down 21 points or 0.3% following yesterday’s record high. The signal to sell may have been triggered by Nvidia shares.
The company failed to break the June record yesterday and is down more than 5% today.
NVDA daily
A report yesterday suggested the US was considering capping sales of Nvidia chips abroad as the US looks to solidify its dominance of the technology sector. The report came out yesterday and had little traction at the time but it’s weighing today.
Financials are also lower. Citi, Bank of America and Goldman Sachs all initially traded higher after earnings but are now down about 1%.