S&P 500 Swoons in Last 15 Minutes of US Trading: Markets Wrap
- Tech leads losses with Nvidia to report results on Wednesday
- Morgan Stanley, JPMorgan say flight from US stocks won’t last
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A slide in most megacaps hit stocks in the final stretch of US trading, with Wall Street gearing up for a pulse check from Nvidia Corp. on the artificial-intelligence technology that has powered the bull market.
The S&P 500 broke below 6,000 and the Nasdaq 100 lost over 1%. Just days ahead of Nvidia’s earnings, hedge funds’ net exposure to “Magnificent Seven” megacaps hit the lowest level since April 2023. The chipmaker lost 3.1%. Microsoft Corp. fell as an analyst said the software giant dropped some AI data-center leases. Apple Inc. rose.