The S&P 500 and Nasdaq closed significantly lower on Thursday, dragged down by a drop in Nvidia's stock following its quarterly report, which failed to reignite Wall Street's AI rally. Investors also turned their attention to data suggesting a slowdown in the U.S. economy.
Nvidia saw a steep 8.5% decline, wiping out $274 billion in market value, after the Silicon Valley company provided a weaker-than-expected gross margin forecast, overshadowing an otherwise positive revenue outlook.
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