Nvidia and Other Tech Stocks Continue to Drop as Market Trends Lower

Even though Nvidia (NVDA) stock was making headlines just weeks ago for its excellent performance, the sluggish stock market lately has not been kind to it.

It does not help that inflation data from Wednesday showed a poor outlook and progress toward an even higher inflation rate for 2024 so far. That is now several months in a row of poor inflation numbers, and the stock market is showing signs of fearfulness and slowing down as a result.

Nvidia dropped nearly 8% since March 25th, and even though it is up 0.44%, the stock is not doing nearly as well as it was a few weeks earlier. The stock is currently priced at $874 a share, but at its peak in 2024, the stock was selling for $950 a share.

AI-related stocks are still in vogue and trading decently well, but the entire stock market is down right now, with all three major indices dipping by about 1% from the previous day. A big part of that is due to high inflation rates and new US CPI data that was just released, so the market could recover over the next few days, but those inflation numbers will make traders much more cautious than they have been.

Other Tech Stocks to Know about

Microsoft (MSFT) is up 0.88% today, and this stock has been uneven over the past few months. However, Microsoft has overall trended upward. Near the beginning of 2024, the stock was trending at about $380 per share. Now it is up to $426 per share. While its growth has not been steady and strong, it has gradually shifted upward and is still proving to be a valuable and stable tech stock.

Verizon (VZ) stock is low today, down to $40.55 after having reached $42.84 just a few days ago. It has been falling steadily for days and has had a very uneven year so far.

Alphabet (GOOGL) is doing better. The parent company of Google has had a year of major ups and downs, but it has been growing since early March. With the high inflation numbers, though, this stock may not keep trending upward for much longer as those numbers have a trickle down effect through the stock market.