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.

Index	Change
S&P 500	Decreased by 0.6%
Dow Jones Industrial Average	Dipped by 0.1%
Nasdaq Composite	Slipped by 0.6%

Key Events and Stock Movements:

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

Premarket Stock Moves:

Company	Pre-market Move
Rivian Automotive	Shares gained nearly 4% after being upgraded by Piper Sandler to overweight.
Micron Technology	The semiconductor stock rose 2.6% after being named one of Citi’s top picks.
Adobe	Adobe’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