Dow slides 500 points, S&P 500 retreats from record while Nasdaq hits new heights

dow slides 500 points, s&p 500 retreats from record while nasdaq hits new heights

The Nasdaq Composite rose to a new record Thursday on better-than-expected quarterly results from Nvidia. The broader market, however, struggled to stay in positive territory.

The tech-heavy Nasdaq gained 0.3% to an all-time high. The S&P 500 declined 0.3%, pulling back from its all-time high reached earlier in the session. The Dow Jones Industrial Average lagged, losing 472 points, or 1.2%. The 30-stock index was headed toward its worst day since April 30 as Intel and Boeing both fell more than 2%.

Chipmaker and artificial intelligence darling Nvidia surged more than 11%, sending shares above $1,000, after posting stronger-than-expected fiscal first-quarter results and announcing a 10-for-1 stock split.

More from CNBC

    Fiscal second-quarter revenue guidance of about $28 billion also beat an LSEG consensus forecast of $26.61 billion — a sign the company doesn’t see its momentum slowing. For the bottom line, analysts expect a profit of $5.95 per share.

    Nvidia’s results have been a focal point for Wall Street, as traders hoped for signs that the excitement around AI is not waning. With its $2.3 trillion market cap, Nvidia also has considerable sway over the broad S&P 500.

    However, the majority of the stocks in the broad market index fell negative Thursday, indicating a lack of market breadth. Nearly 400 names in the S&P 500 were lower, and information technology was the only positive sector for the day.

    The market has “some loose footing,” Piper Sandler chief market technician Craig Johnson wrote in a Thursday note. “This market’s strange mix of leadership, combined with breakdowns in transportation stocks and mediocre breadth readings, makes us not so confident that a new leg higher will be sustained from current levels.”

    This is a developing story. Please check back for updates.

    Hakyung Kim, CNBCSamantha Subin, CNBC

    Samantha Subin is a digital news associate with CNBC.

    OTHER NEWS

    20 minutes ago

    Donald Trump challenges Joe Biden to cognitive test but then forgets name of his own doctor

    20 minutes ago

    Lady Elliot Island boat capsize: Desperate search for missing man after boat overturned ends in tragedy off Queensland coast near Bundaberg after Life Flight winched a father and son to safety

    23 minutes ago

    Ashley Graham debuts children's book encouraging self-love, confidence

    28 minutes ago

    Video: Hundreds of Majorcans take over tiny picture postcard cove made famous by Instagram 'influencers' and unfurl banners reading 'SOS Residents' amid Spanish island's anti-tourism backlash against UK holidaymakers

    28 minutes ago

    Ukraine proves it can target the Russian air force's weakest link

    28 minutes ago

    Canada cricketers miss out on marquee matchup with India due to wet ground conditions

    28 minutes ago

    Luai praised as Origin awaits

    28 minutes ago

    'Good to go': Edwards, Luai shine in final NSW audition

    28 minutes ago

    Down 10% in a week! What’s wrong with the Legal & General Group share price?

    28 minutes ago

    Gary Neville hammered after naming England XI Southgate MUST pick for Euro 2024 opener

    28 minutes ago

    'Prison-cell' flat that costs £475 a month is like a sit-com set

    28 minutes ago

    Ox Nche makes the cut as Bulls dominate URC Team of the Season

    28 minutes ago

    Israel announces ‘pause’ along southern Gaza route to allow in aid but no let up in Rafah offensive

    31 minutes ago

    Thorpe Park’s Hyperia rollercoaster breaks down again leaving thrillseekers hanging at 236ft

    33 minutes ago

    Woman who spent 43 years behind bars has murder conviction overturned

    33 minutes ago

    "Pogacar seems unbeatable, so we must aim for stage victories": What can EF-boys Powless and Van den Berg pull off in the Tour?

    33 minutes ago

    Samantha Murphy: Cop makes bleak admission about the endless search for missing Ballarat mum after discovery by a dam renewed hopes of finding her body

    33 minutes ago

    Video: Married At First Sight's Martha Kalifatidis and Michael Brunelli's one-year-old son Lucius shares first words

    33 minutes ago

    Video: All the best videos from Trooping the Colour: Kate's great comeback, glimpses behind the scenes and Charlotte and Louis acting up

    38 minutes ago

    Sex attacker dubbed 'Coronation Street rapist' launches NEW parole bid - despite breaking rules when he was last released from jail

    38 minutes ago

    Jobless man, 60, who still lives with his mother smashed woman's windscreen with his fists in fit of rage after she turned her car around in his driveway

    38 minutes ago

    From AI-powered limb-tracking to a match ball with a chip inside: The futuristic technologies powering Euro 2024 in Germany this month, revealed

    38 minutes ago

    NASA's Chandra X-ray telescope captures closest super star cluster to Earth (image)

    41 minutes ago

    Happy Father's Day! Amanda Holden and Charlotte Crosby lead the stars marking the occasion with sweet family snaps and heartfelt tributes

    43 minutes ago

    Ben Johnson to Snub Crystal Palace and Stay at West Ham

    43 minutes ago

    Alan Shearer spots England's biggest problem at Euro 2024 as he names ideal starting XI

    43 minutes ago

    England faces Serbia in Euro 2024 group opener aiming to end 58 years of hurt

    43 minutes ago

    Koeman shrugs off hiccups and insists Netherlands have fighting chance

    43 minutes ago

    Why 'The Apprentice' Filmmakers Have Not Yet Secured a US Distribution Deal | Analysis

    44 minutes ago

    Married At First Sight's Martha Kalifatidis and Michael Brunelli's one-year-old son Lucius shares first words

    44 minutes ago

    ‘He looked like a starving dog on the floor’: Prisoner trapped on indefinite jail term driven to hunger strike

    47 minutes ago

    England XI vs Serbia: Predicted lineup, confirmed Euro 2024 team news and injuries today

    47 minutes ago

    Kelly Ripa Sparks Fierce Debate After Calling Out a Common Nighttime Habit

    47 minutes ago

    Relebohile Mofokeng in strong Bafana Bafana Cosafa Cup prelim squad

    47 minutes ago

    Bryson DeChambeau leads US Open by three after birdie spree

    47 minutes ago

    Tee Higgins extension considered 'longshot' as Bengals WR signs franchise tag

    47 minutes ago

    Rose Ayling-Ellis 'set to front a new TV show promoting British Sign Language' following success of her documentary Signs For Change

    47 minutes ago

    Selena Gomez and her boyfriend Benny Blanco can't keep their hands off each other as they share a passionate kiss in Malibu

    47 minutes ago

    Clubs that have sent the most players to Euro 2024 REVEALED - so use our search table to see how many got the call-up from your team...

    47 minutes ago

    Jude Bellingham posed for SKIMS but he is not the first England player to flaunt their underwear - with David Beckham, Gary Lineker and Lioness heroine Chloe Kelly having done so too