Tech Drops – US Market Wrap

Big tech fell in late trading after NVIDIA’s sales forecast disappointed some investors hoping for more after the billions spent in the revolutionary artificial-intelligence technology.

A $286 billion exchange-traded fund tracking the Nasdaq 100 lost 0.5% while NVIDIA sank 3% after the close of regular trading. Third-quarter revenue will be about $32.5 billion, the company said. Though analysts had predicted $31.9 billion on average, some estimates ranged as high as $37.9 billion. Sales in the fiscal second quarter, which ran through July, topped analysts’ projections.

Stocks experienced significant volatility in the run-up to the chipmaker’s highly anticipated results, which were the last of the “Magnificent Seven” megacaps to be reported. At one point, the S&P 500 was on track for its worst drop since the August 5th disaster. The gauge moved away from that mark, closing down 0.6%. The Nasdaq 100 declined 1.2%. The VIX, Wall Street’s favourite volatility index, rose to approximately 17.

Treasury 10-year yields rose two basis points to 3.84%. Bitcoin dipped below $60,000.