Dow Sheds 605 Points, Logs Worst Day of 2024

NVDA's post-earnings pop kept stocks afloat for only so long

Deputy Editor
May 23, 2024 at 4:22 PM
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Nvidia's (NVDA) blockbuster earnings report could only prop up the broader market for so long. Stocks took a massive step back Thursday, with the Dow shedding more than 600 points for its biggest daily-digit drop since February 2023, with all three components finishing in the red. The tech-heavy Nasdaq and S&P 500 logged substantial losses as well, pulling back from record highs as investors weighed a sharp decline in home prices with plummeting chances of multiple interest rate hikes from the Fed this year.

Continue reading for more on today's market, including:

  • A deep dive into the Nvidia earnings fallout.
  • Buy the dip on this oil and gas stock.
  • Plus, the advantages of volatility; Live Nation's lawsuit; and GDRX's bull notes.

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NYSE Nasdaq 0523

5 Things to Know Today

  1. A perfect storm is brewing for shipping container capacity. (CNBC)
  2. Norfolk Southern agreed to a more than $300 million settlement over its Ohio derailment. (MarketWatch)
  3. Taking a closer look at volatility in options trading.
  4. Live Nation lawsuit sends LYV tumbling.
  5. GoodRx stock bounced after bull notes.

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Oil, Gold Prices Log Multi-Day Losing Streaks

Oil futures notched a fourth-straight loss. For the session, July-dated West Texas Intermediate (WTI) crude lost 70 cents, or 0.9%, at $76.87 a barrel.

Gold prices pulled back sharply today, marking a third-straight loss as traders continued to unpack the implications of the Federal Reserve's latest meeting minutes. For the session, June-dated gold lost $42.40, or 1.8% at $2,350.70 per ounce.

 

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