Wall St declines as focus shifts to upcoming Powell speech
NEW YORK - U.S. stocks were lower in afternoon trading on Thursday, with the Nasdaq down about 1% after this week's sharp gains and investors nervous ahead of Federal Reserve Chair Jerome Powell's speech Friday.
Shares of Nvidia were up more than 3% and hit a record high earlier in the session after the company late Wednesday gave a much stronger-than-expected forecast amid demand for its artificial intelligence chips.sectors were down on the day, however, including technology, and an index of semiconductors was down more than 2%."As much as investors want to focus on Nvidia and want to focus on tech - and it's been a good year so far - this is still a market that is Fed obsessed.
The market had gained along with Nvidia ahead of the company's report on the hope that the news could extend this year's artificial intelligence tech rally.
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