Stocks Fail to Catch a Bid Before Nvidia’s Results: Markets Wrap
- Giant chipmaker erases gains after touching an all-time high
- Treasury 10-year yields little changed after Monday’s jump
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Wall Street’s risk-on mood faltered a day after the rally in big tech, with traders awaiting Nvidia Corp.’s results — which are set to test the fervor around the artificial-intelligence hype.
The S&P 500 extended its August slide. Banks dropped as S&P Global Ratings joined Moody’s Investors Service in cutting some US lenders amid a “tough” climate. Macy’s Inc. sank 14% as credit-card delinquencies accelerated, raising a red flag about consumer health. Nvidia fell 2.8% on the eve of its quarterly report. The chipmaker’s earnings are seen by many as setting the tone for markets alongside Jerome Powell’s speech Friday.