US: Stocks fall despite blowout Nvidia results

WALL Street stocks finished sharply lower on Thursday after blowout earnings by Nvidia failed to ignite a broad rally.

Stocks had opened higher, but analysts cited an uptick in US Treasury bond yields as a driver of the reversal. Market watchers also noted a tendency in equities to sell off after big rallies.

“You’ve had huge runs since mid-April and there’s an inclination to take some money off the table,” said Briefing.com analyst Patrick O’Hare.

The Dow Jones Industrial Average finished 1.5 per cent lower at 39,065.26.

The broad-based S&P 500 slid 0.7 per cent to 5,267.84, while the tech-rich Nasdaq Composite Index declined 0.4 per cent to 16,736.03.

Among individual companies, artificial intelligence player Nvidia surged 9.3 per cent after reporting a net profit of US$14.9 billion, while its revenue of US$26 billion was almost four times what it took in during the same fiscal quarter last year.

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US: Nasdaq, S&P 500 open higher as Nvidia drives chip stocks rally

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