S&P 500 slides as traders eye Nvidia earnings

The S&P 500 closed lower on Monday as investors turned their attention to AI chipmaker Nvidia’s upcoming quarterly results, following Friday’s rally that saw the Dow Jones Industrial Average close at a record high.

On Friday, US Federal Reserve Chair Jerome Powell suggested at the Jackson Hole Symposium that a rate cut could be considered at the Fed’s September meeting, citing recent weakness in the labour market. This announcement had previously supported gains in the markets.

Nvidia climbed ahead of its quarterly report on Wednesday, which is set to be one of Wall Street’s most closely watched events of the week. With the company accounting for roughly 8% of the S&P 500, its results could have a wide-reaching impact on Americans using index funds for retirement savings.

Market close figures were as follows:

The S&P 500 fell 27.93 points, or 0.43%, ending at 6,438.98.

The Nasdaq Composite dropped 47.24 points, or 0.22%, to 21,449.29.

The Dow Jones Industrial Average slipped 349.27 points, or 0.77%, to 45,282.47.

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