SPX: S&P 500 Slides 0.7% as Cautiousness Sets In. Unfazed Nvidia Stages Huge Rally.

Losses swept all but one sector of the S&P 500 and it was largely due to the efforts of a single but mighty company.

• The S&P 500 dropped 0.7% on a quiet Thursday as investors shook up their portfolio holdings amid some mood swings. It was an eerie trading session right after minutes from the Federal Reserve’s latest meeting signaled that central bankers are in no rush to cut interest rates — a narrative that has supported the upside trajectory of stocks left and right.
• Ten out of 11 sectors in the S&P 500 dived underwater yesterday with just the information-technology corner showing signs of life. Guess why? Nvidia NVDA is there. The AI chip giant staged a massive rally, adding roughly 10% to its share price even amid the surrounding selloff. The Jensen Huang-led company crossed $1,000-per-share valuation for the first time ever after another stellar earnings report.
• In other stock news, the Dow Jones Industrial Average wiped out 600 points, or 1.5%, to log its worst day since March 2023. The Nasdaq Composite gave back 0.4% on the day. All three indexes notched back-to-back losing sessions and only the tech-heavy Nasdaq is keeping head above water for the week with a modest 0.2% gain ahead of the opening bell on Friday.