US markets end lower as Nvidia casts a pall
A pullback in big AI-focused companies weighed on the market, capping a turbulent week on Wall Street. The S&P 500 fell 0.4 percent, but managed to post a 2.5 percent gain for the week. The Dow Jones Industrial Average recovered from an early slide and eked out a 0.1 percent gain. The Nasdaq composite fell 0.9 percent, but also notched its first weekly gain in five weeks. The S&P 500 fell 30.73 points to 7,561.67, the Dow Jones Industrial Average gained 50.46 points to 52,347.55, and the Nasdaq lost 229.82 points to close at 25,136.27. The major indexes have been shaky this week as some of the biggest AI companies pushed and pulled the market. The market remained unsteady a day after the AI industry was rocked by the resignation of Nvidia CEO Jensen Huang. Nvidia’s longtime chief financial officer, Colette Kress, will be its interim CEO. The ensuing fallout cost Nvidia’s market cap more than US$600 billion this week. Nvidia fell 2 percent. Broadcom fell 4.8 percent and Advanced Micro Devices lost 8.8 percent. Nvidia in particular has been slipping for weeks amid wider concerns about a potential slowdown for the industry. “Nvidia's pullback serves as a reminder of the concentration risk embedded...
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