The New York Stock Exchange ended the day with a decline.
The Dow Jones Industrial Average increased slightly by 0.03%, or 17.05 points, to close at 49,499.20.
The Nasdaq fell by 1.18%, or 273.69 points, to 22,878.38, while the S&P 500 went down 0.54%, or 37.27 points, to 6,908.86.
The Volatility Index (VIX), also known as the “fear index,” rose by 3.9% to 18.63 points.
Nvidia’s revenue reached $68.1 billion in the three-month period ending January 25, up 73% year-on-year, and its net profit rose 94% to $42.96 billion.
The chip company’s shares lost 5.5% despite reporting higher-than-expected profits and revenue.
Shares of other chip-related companies fell: Broadcom shares dropped 3.2%, Applied Materials shares fell 4.9%, Lam Research shares declined 4.2%, and Western Digital shares dropped 3%.
Concerns persist that rapidly developing AI products could interfere with the business of companies offering software solutions, which is why software and cybersecurity stocks have been under pressure this year.
On the macroeconomic data front, the number of people filing for unemployment benefits for the first time in the US fell short of expectations, rising to 212,000 in the week ending February 21.
ANEWS
About the Author
