(Bloomberg) — Stocks lost traction as a roughly $430 billion plunge in Nvidia Corp.’s value raised speculation that the rally in the industry that has powered the bull market was due for a breather.
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While various sectors outside the technology world advanced on Monday, Nvidia extended a three-day rout to 13% — crossing the technical threshold of a correction. The chipmaker at the heart of the artificial-intelligence revolution has become the most-expensive stock in the S&P 500. It remains up almost 140% this year, making it the second-best performer in the benchmark gauge, behind Super Micro Computer Inc., another favorite AI play.
Following a tech-led rally, Deutsche Bank’s Binky Chadha said US equities are set to pause. There’s a lot of good news baked into markets, and if that optimism proves unjustified, there could be downside risks, Lori Calvasina at RBC Capital Markets noted. To John Stoltzfus…
