Wall Street closed lower, despite a blowout profit report from Nvidia, as bond yields rose ahead of a highly anticipated speech from Federal Reserve Chair Jerome Powell.
The S&P 500 fell 1.3 percent Thursday after erasing an earlier gain. The index is still a touch higher for the week. The Dow fell 373 points, and the Nasdaq lost 1.9 percent.
Nvidia ended slightly higher after its profit report topped high expectations and raised hopes that this year’s frenzy around artificial-intelligence technology isn’t just hype. But the rest of the stock market was weaker as rising Treasury yields cranked up the pressure.
On Thursday:
The S&P 500 fell 59.70 points, or 1.3 percent, to 4,736.31.
The Dow Jones Industrial Average fell 373.56 points, or 1.1 percent, to 34,099.42.
The Nasdaq composite fell 257.06 points, or 1.9 percent, to 13,463.97.
The Russell 2000 index of smaller companies fell 23.75 points, or 1.3 percent, to 1,846.28.
For the week:
The S&P 500 is up 6.60 points, or 0.2 percent.
The Dow is down 401.24 points, or 1.2 percent.
The Nasdaq is up 173.20 points, or 1.3 percent.
The Russell 2000 is down 13.14 points, or 0.7 percent.
For the year:
The S&P 500 is up 536.81 points, or 14 percent.
The Dow is up 952.17 points, or 2.9 percent.
The Nasdaq is up 2,997.49 points, or 28.6 percent.
The Russell 2000 is up 85.03 points, or 4.8 percent.
