隔夜，Source: Wall Street See
Nvidia fell 6.7% overnight, dragging down the technology sector, while the energy and banking sectors performed well. Some analysts believe that this pullback is a "quite healthy" sector rotation.
After reaching the top of the US stock market cap list last week,$NVIDIA (NVDA.US)$it has fallen for three consecutive days, dragging down the large cap market.
Overnight, Nvidia, known as the "AI leader", fell sharply by 6.7%, marking the largest single-day decline in two months and entering a technical correction phase. Currently, Nvidia has fallen for three consecutive days, down more than 16% from last Thursday's high, and its market value has fallen below US $3 trillion, ranking third in the US stock market.
Affected by this, the S&P 500 index fell for three consecutive days to a new low of the week, while the Nasdaq and Nasdaq 100 fell for three consecutive days away from the historical highs. Looking at the sectors, the energy, finance, and utilities sectors performed well, all up about 1%, while the technology sector was the biggest drag, down more than 2%.
The "Seven Sisters" of technology stocks have also retreated from their highs, almost giving back all the gains since the CPI data was released at the beginning of the month.
What is the impact on the US stock market?
Just as it has just taken the throne of "Global Stock King", Nvidia has suffered a large-scale sell-off, evaporating its market value by about $430 billion in three days, setting a record for the largest three-day market value decline of a single listed company in history.
Earlier analysis pointed out that the performance of nvidia's stock price was heavily impacted by the "Triple Witching Day", frequent stock sales by nvidia executives, and profit taking by some investors.
Will Nvidia's current correction continue? What is the impact on the US stock market?
Larry Tentarelli, Chief Technical Strategist at Blue Chip Daily Trend Report, believes that Nvidia's correction is actually "quite healthy":
"What we've seen last week and this week is healthy rotation. This is actually a very good pause for the technology sector and the hot spots are rotating to other industries that have been in a decline. "
Driven by the AI frenzy, Nvidia's total cumulative increase since the beginning of the year is still as high as 145%, leading to a cumulative increase of 14% for the S&P and setting a record of 31 closing highs.
Currently, Wall Street is waiting eagerly for the PCE price index, which is expected to be another major catalyst for the US stock market in the near future, to be released on Friday.
Editor/tolk