The S&P 500 fell on Thursday, weighed by a spike in crude prices and Treasury yields, while Nvidia’s latest quarterly report failed to give tech a boost.
The Dow Jones Industrials waned 28.42 points to 49,980.93.
The much broader index slid 37.37 points to 7,395.60.
The NASDAQ removed 185.25 points to 26,083.11.
Traders on Thursday also digested Nvidia’s latest quarterly report. Nvidia breezed past Wall Street’s expectations for earnings and guidance, in addition to announcing a hike in its quarterly cash dividend to 25 cents. But investors have come to expect the chipmaker to beat estimates and raise its outlook amid the AI boom.
Nvidia shares were last seen trading down 2%.
Crude prices jumped after Reuters reported, citing sources, that Iran’s supreme leader issued a directive to keep enriched uranium within the country — further complicating the outlook to a resolution to the U.S.-Iran war.
West Texas Intermediate futures were up 3% at $102 per barrel. Brent crude popped 3% to $108 per barrel.
Prices for the 10-year Treasury climbed sharply. lowering yields to 4.62% from Wednesday’s 4.57%. Treasury prices and yields move in opposite directions.
Oil prices recovered $2.85 to $101.11 U.S. a barrel.
Gold prices lost $29.30 to $4,506.00 U.S. an ounce.
