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US stocks ticked lower on Wednesday.
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Shares of Nvidia wavered after rallying in the previous session.
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Major averages ticked lower, while bond yields rose.
US stocks slumped on Wednesday, with major averages down as bond yields rose as Nvidia shares wavered and investors eyed fresh economic data.
Nvidia shares slid as much as 1.2% in early-morning trading before paring losses, trading about 0.25% higher shortly after the opening bell.
The chipmaker lost over $400 billion in a three-day stretch before recovering in Tuesday’s session.
The slide has given pause to traders that have ridden the artificial intelligence boom higher all year, and is casting doubt on how much room it left to run as the market heads into the second half of 2024.
“So far, investors are viewing NVIDIA’s sell-off as an opportunity to build up additional exposure,” Morrison said in a note on Wednesday. “Let’s see if investors remain so…
