Nvidia and Tesla Shares Fall 4% Amid Market Decline

On Friday, the S&P 500 and Nasdaq experienced losses amid volatility driven by fresh inflation data. Here’s a breakdown of the day’s activity:

Key Events and Stock Movements:

  • Shares of Nvidia (NVDA) and Tesla (TSLA) both fell roughly 4%.
  • The Russell 2000 Index was one of the biggest laggards, falling about 2% as investors scaled back bets for a June interest rate cut.
  • February’s Producer Price Index rose 0.6% from last month, exceeding expectations, contributing to inflation concerns.
  • Retail sales increased by 0.6%, falling short of estimates but marking a rebound from January’s decline.
  • Oil prices continued their rally, with WTI crude futures trading just above $81 per barrel and Brent crude futures pushing above $85.
  • Fisker’s (FSR) shares plunged more than 50% following reports of the EV maker exploring a bankruptcy filing.
S&P 500Decreased by 0.6%
Dow Jones Industrial AverageDipped by 0.1%
Nasdaq CompositeSlipped by 0.6%

Key Events and Stock Movements:

AdobeSoftware provider Adobe saw an 11% drop in its stock due to weak sales guidance.
UltaBeauty stock Ulta slid more than 6% following an underwhelming full-year earnings forecast.
February’s Inflation DataThursday’s retreat in the market was influenced by higher-than-expected producer price index data.
Fed’s Monetary PolicyDespite economic data suggesting strength, the Fed is expected to keep interest rates unchanged next week.
Triple WitchingTrading volumes and volatility were expected to increase due to the simultaneous expiration of futures and options contracts.

Premarket Stock Moves:

CompanyPre-market Move
Rivian AutomotiveShares gained nearly 4% after being upgraded by Piper Sandler to overweight.
Micron TechnologyThe semiconductor stock rose 2.6% after being named one of Citi’s top picks.
AdobeAdobe’s stock dropped 11% following weak revenue guidance for its current quarter.

Cryptocurrency Update:

Bitcoin experienced a 7% overnight drop, with its value decreasing from above $72,000 to near $67,000.

Source: Reuters, CNBC

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