Nvidia Slows but Doesn't Stop Another Winning Week

By Newser Editors and Wire Services
Posted Jun 21, 2024 3:45 PM CDT
Nvidia Slows but Doesn't Stop Another Winning Week
The New York Stock Exchange in New York on Tuesday   (AP Photo/Peter Morgan, File)

US stocks coasted to the close of their latest winning week on Friday, as Nvidia continued to cool from its startling, supernova run.

  • The Dow edged up 15 points, or less than 0.1%, to 39,150.
  • The S&P 500 slipped 8.55 points to 5,464, down 0.2%. But it remained close to its all-time high set on Tuesday and capped its eighth winning week in the last nine.
  • The Nasdaq dropped 32.23, or 0.2%. to 17,689.

Nvidia again dragged on the market after falling 3.2%, the AP reports. The company's stock has soared more than 1,000% since October 2022 on frenzied demand for its chips, which are powering much of the world's move into artificial-intelligence technology, and it briefly supplanted Microsoft this week as the most valuable company on Wall Street. But Nvidia's drops the past two days sent its stock to its first losing week in the last nine. Much of the rest of Wall Street was relatively quiet, outside a few outliers.

Sarepta Therapeutics jumped 30.1% after federal regulators approved the use of its medicine for children with Duchenne muscular dystrophy who are at least 4. Gunmaker Smith & Wesson Brands tumbled 12.9% despite reporting stronger profit for the latest quarter than analysts expected. Shares of Trump Media & Technology Group rallied back from an early loss and rose 3.4% to trim its loss for the week to 25.3%. The company behind Donald Trump's Truth Social platform had seen its stock nearly halve since the conviction of the former president in late May on charges in a scheme to illegally influence the 2016 election through a hush money payment to a porn actor who said the two had sex.

(More stock market stories.)

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