Nvidia Was Heaviest Weight on S&P 500

6.7% drop for company dragged index down, though most stocks rose
By Newser Editors and Wire Services
Posted Jun 24, 2024 3:52 PM CDT
Another Nvidia Drop Drags Indexes Down
The New York Stock Exchange is shown on June 11, 2024.   (AP Photo/Peter Morgan, File)

Another slide for Wall Street heavyweight Nvidia kept US indexes mixed on Monday, even as the majority of stocks rallied.

  • The S&P 500 slipped 16.75 points, or 0.3%, to 5,447.87
  • The Dow Jones Industrial Average rose 260.88 points, or 0.7%, to 39,411.21.
  • The Nasdaq composite fell 192.54 points, or 1.1%, to 17,496.82.
Stocks of oil-and-gas and financial companies had some of the market's biggest gains, as seven out of every 10 stocks in the S&P 500 rose.

But declines for a handful of winners from Wall Street's frenzy around AI offset all of those gains, and the spotlight shone brightest on Nvidia's third straight drop. Because Nvidia has become so massive in size, the moves that its stock makes carry extra weight on the S&P 500 and other indexes. It fell 6.7% Monday and was the heaviest weight by far on the S&P 500, the AP reports. Super Micro Computer dropped 8.7% to shave its gain for the year so far back below 200%, down to 189.7%.

Exxon Mobil climbed 3%, and oilfield services provider SLB gained 4% as oil prices hung near their highest levels since April. Financial companies were also strong. JPMorgan Chase added 1.3%, and Wells Fargo climbed 2.3% ahead of results coming later in the week for tests by the Federal Reserve of how big banks would fare in a recession. RXO jumped 23% after it agreed to buy the Coyote Logistics freight brokerage business from UPS for nearly $1.03 billion. RXO said the deal will make it North America's third-largest provider of brokered transportation. UPS, which bought Coyote in 2015 for $1.8 billion, rose 1.5%.

(More stock market stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.