S&P 500 slips 0.36% to 7592.06 as Nvidia selloff weighs on tech

The S&P 500 fell 0.36% to 7592.06 on Thursday, November 12, as a selloff in Nvidia weighed on sentiment. The Nasdaq 100 lost 0.30% to 28289.19.

What happened

The S&P 500 lost 27.32 points from its previous close of 7619.38. The Nasdaq 100 fell 85.06 points from 28374.25. Losses in both indexes stayed contained despite the sharp decline in Nvidia shares.

Retail buyers helped limit the drop in Nvidia, according to market reports. Separately, options traders in the chip maker were positioned for a longer-term recovery in the stock. No further data on volumes or prices was available.

In rates, the 10-year Treasury yield stood at 5.104%, up 10.6 basis points from 4.998% at the previous close. The US Dollar Index stood at 103.1790, up 0.26% from 102.9080. Gold futures stood at 3879.6, down 3.02% from 4000.5.

Why it matters

Nvidia is widely seen as the poster child of the artificial-intelligence trade. Its selloff pushed investors to look at the rest of the market. The broader market has so far kept the S&P 500 from a deeper decline.

A higher yield and a stronger dollar often tighten financial conditions. On Thursday, both moved up while gold fell sharply. The combination points to a session in which rates and currency moves mattered as much as equities.

Energy data added to the mix. The Energy Information Administration said US commercial crude-oil inventories rose by 4.7 million barrels to 414.4 million barrels. A survey of analysts had expected a decline of 700,000 barrels. For investors, the session showed index-level resilience alongside pressure in a key technology name, rising yields and a sharp drop in gold.

What to watch next

Applied Materials reported results after the close. Earnings per share were 4.16 USD against an estimate of 4.06 USD. Revenue was 10.41 billion USD against an estimate of 10.3 billion USD.

The chip equipment maker's report will draw attention to the semiconductor sector at a time when Nvidia is under pressure. Market participants will also follow whether the 10-year yield holds near 5.104% and whether the broader market keeps absorbing the weakness in AI-linked shares.