Wall Street declines at the end of the week. Investors took profits on Nvidia shares

Luc Williams

The Dow Jones Industrial dropped 0.18 percent at the close. and amounted to 38,722.69 points. The S&P 500 lost 0.65% at the end of the day. and amounted to 5,123.69 points. The Nasdaq Composite fell 1.16%. and closed the session at 16,085.11 points.

We are dealing with very good macro conditions and enthusiasm for AI

Investors analyzed mixed data from the US labor market. The number of new jobs in non-agricultural sectors in the US increased by 275,000 in February. An increase of PLN 200,000 was expected. A month earlier, the increase amounted to 229 thousand, after correction from 353 thousand. The unemployment rate in the US was 3.9%, expected 3.7%. compared to 3.7 percent a month earlier. Hourly wages increased by 4.3%. y/y and m/m increased by 0.1%, while the consensus assumed an increase of 4.3%. and by 0.2 percent

Nvidia ended Friday's session with a decline of over 5.5 percent, although the price increased by as much as 5 percent during the day. and recorded an all-time high of $974. “This does not mean that the long-term growth potential is over. (…) We have reached an overbought situation and it is time to take profits,” commented Sam Stovall, chief investment strategist at CFRA Research, on the behavior of Nvidia's stock. Despite Friday's decline, Nvidia's shares recorded an increase throughout the week, and since the beginning of the year the shares have increased in price by nearly 80%.

Shares of other chipmakers also fell on Friday's session. Micron Technology's price dropped by 1.4%. and Intel shares lost 4.7%. Up 1%. went the Apple course. Broadcom's stock fell 7%. after the tech company's quarterly revenue fell short of analyst expectations. Marvell Technology shares fell 11.4%. after the company forecast results for the first quarter below market expectations.

“We are seeing very good macro conditions, disinflation, an impending turnaround in monetary policy, steady earnings growth and enthusiasm for artificial intelligence,” said Patrick Spencer, vice president of equities at Baird.

On the oil market, WTI contracts for April are down by 1.24%. to USD 77.95 per barrel, and May Brent futures fall by 1.23%. up to USD 81.94/b.


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