Snatching defeat from the jaws of victory in the American stock market

US stock indices are snatching defeat from the jaws of victory.

The Dow Jones, from the beginning, did not really react positively to Nvidia’s better-than-expected results after yesterday’s close.

However, the S&P Index and NASDAQ Index hit new all-time highs today, until the stronger-than-expected global S&P/PMI pushed yields higher. The stock began to erode its gains. The S&P moved negative. Later, the Nasdaq followed suit and before long the markets snatched defeat from the jaws of victory.

An alternative title could be “Inflation Concerns > Nvidia Earnings.”

When the closing bell rings:

  • The Dow Industrial Average fell -608.79 points or -1.53% to 39065.25
  • The S&P index fell -39.17 points or -0.74% to 5267.85
  • The NASDAQ index fell -65.51 points or -0.39% to 16736.03.

The interest rate-sensitive Russell 2000 index fell -33.30 points or -1.60% to 2,048.40.

Turning to US yields, the 2-year bond rose 5.7 basis points to 4.935%. The 10-year yield rose 4.5 basis points to 4.478%. The two-year yield is up 10.8 basis points this week.

Despite the declines, Nvidia still held on and later closed up $8.49 or 9.32% at $1,037.99. This is a record closing.

Some of the other major large-cap stocks didn’t fare as well:

  • Metaplatforms, -0.43%
  • Amazon -1.14%
  • Supermicrocomputers -2.96%
  • Alphabet, -1.60%
  • Microsoft, -0.82%
  • -3.54%
  • -0.75%
  • AMD, -3.08%
  • Snowflake -5.36%

Most of these stocks were trading in positive territory at some point today.

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