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Stocks slid Wednesday, as rocky trading in artificial intelligence darling Nvidia threatened one of the last few bright spots for traders with Treasury yields ascending.
The Dow Jones Industrial Average dumped 343.21 points to move into Wednesday afternoon at 38,509.65.
The S&P 500 slid 34.15 points to 5,271.89.
The NASDAQ swooned 76.42 points to 16,943.46.
Nvidia traded both above and below its flatline in morning trading, flirting with its first negative session since posting blockbuster earnings last week. Over the past three full trading days after the report was released, Nvidia has surged roughly 20%.
Outside of tech, American Airlines tumbled more than 14% after slashing its sales outlook for the second quarter. Southwest Airlines dipped around 6% in sympathy. On the other hand, Dick’s Sporting Goods jumped nearly 17% on the back of strong earnings and raised guidance.
All 11 sectors that comprise the broad S&P 500 traded lower, underscoring the breadth of market weakness. Around 450 stocks in the index were lower on the day.
More than two-thirds of the 30 stocks in the Dow fell. Insurance provider UnitedHealth led the blue-chip average lower with a slide of nearly 4% following management commentary around its Medicaid business. Other stocks tied to the federal health insurance program dropped, including Molina Healthcare, Humana and Elevance Health
Prices for the 10-year Treasury collapsed, raising yields to 4.73% from Tuesday’s 4.54%. Treasury prices and yields move in opposite directions.
Oil prices ditched 28 cents to $79.55 U.S. a barrel.
Gold prices fell $15.80 to $2,363.50
