The S&P 500 closed lower Monday, although a climb in Nvidia helped keep losses in check somewhat ahead of its quarterly earnings due later this week.
At 4:00 p.m. ET (20:00 GMT), the Dow Jones Industrial Average dropped 349 points, or 0.8%, the S&P 500 index was down 0.4%, and the NASDAQ Composite closed 0.2% lower.
Nvidia leads tech higher ahead of key week for chips
NVIDIA Corporation (NASDAQ:NVDA) lead the broader tech market higher ahead of Nvidia’s quarterly results due Wednesday after the market close.
Ahead of Nvidia’s results, Wall Street is optimistic that the chipmaker will beat expectations and offer upbeat guidance amid solid demand trends and a rebound in China-related revenues after President Trump relaxed a ban on H20 chip sales to Beijing.
"Net, we are lifting our modeled numbers (FQ2 and out quarters) to mirror solid demand trends as well as an expectation of at least some rebound in China related revenues," Wedbush said in a recent note ahead of the Nvidia’s results.
Intel, meanwhile, gave up gains after warning that its non-U.S. business, which accounts for the bulk of revenue, could be "adversely impacted" by government’s move to a take a 9.9% stake in the chipmaker.
"Having the US Government as a significant stockholder of the Company could subject the Company to additional regulations, obligations or restrictions, such as foreign subsidy laws or otherwise, in other countries," Intel said in a regulatory filing Monday.
Source :
https://www.investing.com/news/stock-market-news/sp-500-cuts-losses-as-nvidia-climbs-ahead-of-results-4209397
