US stocks fall as Nvidia results hit AI shares
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A trader reacts on the floor of the New York Stock Exchange, in New York City.
PHOTO: REUTERS
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NEW YORK - Wall Street stocks tumbled on Feb 27, extending a rough period as disappointment with Nvidia earnings and fresh tariff rhetoric from Donald Trump pressured the market.
While Nvidia reported impressive profits,
“Investors have gotten used to having Nvidia blow the door off,” said Mr Jack Ablin, of Cresset Capital.
“They did well but they didn’t blow the door off.”
Mr Ablin also cited remarks from Mr Trump indicating that 25 per cent tariffs on Mexico and Canada would go into effect on March 4.
The Dow Jones Industrial Average finished down 0.5 per cent at 43,239.50.
The broad-based S&P 500 dropped 1.6 per cent to 5,861.57, while the tech-rich Nasdaq Composite Index fell 2.8 per cent to 18,544.42.
After shooting to records earlier this month, US indices have struggled in recent sessions following a trove of lacklustre economic data as Mr Trump presses on with assertive trade policy and government job cuts.
On Feb 27, weekly jobless claims exceeded estimates, while pending home sales also disappointed.
Other AI companies fell, including Arm Holdings, which lost 6.2 per cent and Broadcom, which dropped 7.1 per cent.
Among individual companies, Salesforce fell 4 per cent on disappointment with the software company’s forecast
EBay slumped 8.2 per cent as the company’s cautious financial outlook added to concerns about its exposure to tariff actions. AFP
