US: Stocks finish mixed as Nvidia’s slide continues

US stocks finished mixed on Friday (Jun 21), as Nvidia continued to slip as traders moved to consolidate gains from a recent rally in tech stocks.

The Dow Jones Industrial Average rose 15.57 points, or 0.04 per cent, to 39,150.33, the S&P 500 lost 8.55 points, or 0.16 per cent, to 5,464.62 and the Nasdaq Composite lost 32.23 points, or 0.18 per cent, to 17,689.36.

“I think that because of Juneteenth, you have a lot of people who are leaving to go on vacation early,” said Sam Stovall from the financial intelligence firm CFRA, referring to Wednesday’s federal holiday.

Stovall predicted that stocks could see another decline of five per cent or more.

“At the same time, I’m not calling for a new bear market, so don’t let your emotions be your portfolio’s worst enemy,” he said.

Fresh data published earlier Friday showed that existing home sales fell by 0.7 per cent in May from a month earlier, as prices reached a record high.

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Nvidia, which briefly surpassed Microsoft to become the world’s most valuable publicly traded company earlier this week, saw its share price fall for the second day running, finishing the day down 3.2 per cent.

It was not all bad news for US firms though, with McDonald’s closing up 2.2 per cent, and Nike finishing the day 1.7 per cent higher. AFP