US stocks suffered significant losses on Thursday, with the Dow Jones recording its worst day of the year, despite Nvidia’s strong earnings. Renewed inflation fears and high interest rates influenced the market dip. Nvidia’s shares rose by 9.3% after positive earnings, but this was overshadowed by higher services and manufacturing PMI data and lower-than-expected jobless claims, both indicating inflation and labor market strength.
Increased odds against rate cuts later this year further pressured the market, pushing the 10-year Treasury yield to 4.475%.
Closing figures for US indexes were:
- S&P 500: 5,267.84, down 0.74%
- Dow Jones: 39,065.26, down 1.53%
- Nasdaq: 16,736.03, down 0.39%
Market Highlights:
- Ether: Could rise 60% after US spot ETF approval.
- Tech Sector: Likely to surge due to global labor shortage.
- Commodities: WTI crude down 1%; gold down 2.43%.
- Bitcoin: Fell 2.63% to $67,306.