Nvidia Leads Big Tech Selloff, Dragging Down Stocks: Closing Bell

Market Close and Major Indices

• 📉 The Nasdaq Composite closed down 1.5%, and the S&P 500 fell 0.6% as mega-cap tech companies pulled the market lower.
• 📊 Despite the index declines, 351 stocks rose in the S&P 500, with the S&P Equal Weighted Index showing a gain of 0.3%.
• 📈 The Dow Jones Industrial Average ended the day relatively unchanged, adding only seven points.

Sector Performance and Key Movers

• 🔴 Tech, Communication Services, and Consumer Discretionary were the leading declining sectors, each down over 1%.
• 🟢 Consumer Staples and Utilities, smaller sectors, led the gains for the day.
• 💡 Intel shares surged 7% after SoftBank agreed to buy $2 billion of its stock, with the US government also discussing a stake.
• 🛡️ Palo Alto Networks rose 3% following a stronger-than-expected annual forecast for its AI-enabled cybersecurity products.
• 📰 Nexstar Media Group agreed to buy Tegna for $3.5 billion in an all-cash takeover, valuing Tegna at a 44% premium.

Notable Declines and Company News

• 📉 Oracle fell about 6%, its biggest drop since April, amid news of its chief security officer leaving and job cuts to control costs.
• 💊 Viking Therapeutics shares plummeted 42% after its experimental obesity pill showed disappointing results in a mid-stage study, with a high dropout rate.
• ⚠️ Nvidia led the market losses, experiencing its biggest four-day drop since April, falling nearly 4%.

Treasury Market and Other News

• 💹 Treasury prices increased, pushing yields down across the curve, with ten-year yields falling three basis points to 4.30%.
• 🚆 New Jersey Transit was highlighted as the least reliable commuter rail in the tri-state area, with one in eight trains delayed by at least 15 minutes.
• 🧸 The toy company Pop Mart reported significant earnings growth, with revenue up 200% and net income up 400% year-over-year, driven by the popularity of its 'La Boo Boo' dolls.