Stock market today: Wall Street trims its stellar gains as Nvidia's star dims again
U.S. stock indexes trimmed some of their stellar gains for the year
NEW YORK (AP) — U.S. stock indexes pulled back on Tuesday to trim some of their stellar gains for the year.
The S&P 500 slipped 0.4%, though it’s still near its all-time high set earlier this month. The Dow Jones Industrial Average dropped 267 points, or 0.6%, and the Nasdaq composite gave back 0.3% from its record set the day before.
Nvidia, the superstar stock that’s been a big reason for Wall Street’s run to repeated records this year, fell 1.2% to weigh on the market. It’s the eighth loss in nine days for the stock, which has dropped more than 12% from its record set last month, as its moonshot momentum slows.
Like the overall U.S. market, Nvidia’s stock had climbed so much that critics warned expectations had become too high and that the stock price makes sense only if everything goes correctly for it from here.
