Nvidia’s blockbuster earnings and forecast couldn’t stop Wall Street from taking a late dive.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe's blockbuster earnings and guidance failed to prop up markets, with more than 400 stocks on the S&P 500 trading lower.. It also issued strong guidance as demand for its artificial intelligence accelerators remains robust.
What comes next for Nvidia is a 10-for-1 stock split; Post-split shares will start trading on June 10. Stock split will help retail investors, put off by a share price of a thousand-plus dollars, to buy them at around $100. Nvidia shares are up more than 240% in the last 12 months."Traders began the year feeling pretty confident that the economy was improving and Fed rate cuts would be quick to follow," said James Kostulias, head of Trading Services at Charles Schwab.
While events such as the U.S. and UK elections don't necessarily result in economic impacts, they do increase uncertainty, Brown noted. "People may go from saying 'I'm just going to buy now,' to, 'Look, I'm gonna wait and see the outcome of this before I decide to commit more money to market,'" Brown said.— CNBC's Hakyung Kim, Samantha Subin, Ryan Ermey, Jeff Cox, Sophie Kinderlin, Spencer Kimball, Ece Yildirim, Sarah Whitton and Ryan Browne contributed to this report.
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