US stock market = decline, Nvidia sold ahead of earnings | Reuters

2024-02-20 21:54:00

The US stock market closed lower. Photographed in March 2022 (2024 Reuters/Brendan McDermid)

NEW YORK (Reuters) – U.S. stock markets closed lower. Semiconductor company Nvidia fell ahead of its earnings report, putting pressure on the Nasdaq. Meanwhile, retail retailer Wal-Mart rose, supporting the Dow Jones Industrial Average.

Nvidia (NVDA.O), opens new tab, fell 4.35%. Other semiconductor stocks also sold off, with the Philadelphia Semiconductor Index (.SOX), opens new tab also falling.

NVIDIA will announce its quarterly results after the market closes on the 21st. Investors will be waiting to see whether the company’s high valuation is justified by the company’s financial results. Expectations surrounding artificial intelligence (AI) have propelled the company to the third-highest market capitalization among U.S. companies.

Walmart (WMT.N), opens new tab, hit an all-time high. The company’s sales forecast for fiscal 2025 exceeded market expectations and the company raised its annual dividend by 9%, providing support. The S&P Major Consumer Goods Index (.SPLRCS), opens new tab, which includes Walmart, also rose, making it the most significant of the S&P’s 11 major sectors. On the other hand, the Information Technology Index (.SPLRCT), opens new tab was the weakest. Credit card giant Discover Financial Services (DFS.N), opens new tab rose. It received support after US bank Capital One (COF.N), opens new tab, backed by famous investor Warren Buffett, announced that it would acquire the company in a stock exchange. The acquisition price is $35.3 billion. Capital One also rose. See more Smart TV company VZIO (VZIO.N), opens new tab rose 16.26%. He was impressed by Wal-Mart’s announcement that it would acquire the company for $2.3 billion.

Declining issues outnumbered advancing issues on the New York Stock Exchange by a 1.4-to-1 ratio. On the Nasdaq, stocks were outnumbered by decliners by a ratio of 1.9 to 1.

The total trading volume on US exchanges was 11.67 billion shares. The average for the last 20 business days was 11.64 billion shares.

This is a provisional value based on LSEG data.Changes from the previous day may not match *US stock market

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