US Stock Market Remains Flat as Several Major Stocks Take Hits
For Tuesday, the stock market is relatively unchanged at a glance, but under the surface, a few of the top stocks are suffering greatly, including Nvidia and Oracle.
The Dow Jones gained a meagre 0.07% today, with the S&P 500 staying flat. The Nasdaq Composite stayed flat as well, though that could change before the end of trading today.
These stock indices are stabilizing after a very uneven week last week, where record highs were achieved followed by a sharp decline. Now, investors are looking ahead to the interest rate cut that the Federal reserve is supposed to be instituting. That cut may not be as big as was previously expected. The numbers from several economic reports were slightly muted for November, and that makes it harder for the Fed to make a significant interest rate cut.
Nvidia and Others Fluctuate
We are seeing a rough week for a few of the top stocks, including Nvidia (NVDA). The processing chip company lost about 2.6% in stock value on Monday by the close for trading This came as a result of Chinese regulators examining the company for allegations of monopolistic behavior.
Oracle (ORCL) stock declined by about 7% on Monday too, which is a result of second quarterly earnings reports showing less than expected revenue for the company. The software company had to adjust its forecast for the remainder of the year as a result.
Tesla (TSLA) is under fire for a collision that took place last year involving one of its cars that was operating on autopilot mode. Their stock is up 4.11% today, but investors do expect the lawsuit to cut into the stock very soon, especially as the case continues to build and more details emerge. If it discovered that Tesla’s vehicles cannot operate safely in autopilot, that could seriously undermine their marketability, specifically for that function.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals