The Nasdaq Composite experienced a significant drop, its biggest in nearly two months, with Nvidia leading the sell-off among Big Tech stocks. The technology index closed down 1.1 percent on Monday, marking its largest one-day decline since April 30. Nvidia shares fell by 6.7 percent, their biggest drop since mid-April. The stock movements of Nvidia, due to its weight, heavily influence stock indices. Other tech giants like Amazon and Microsoft, as well as chip groups Broadcom and AMD, also closed lower.
Despite the Nasdaq’s drop, the broader U.S. stock market saw gains, with the S&P 500 closing down 0.3 percent on Monday. Interestingly, around 70 percent of the benchmark’s constituents ended the session higher. Energy was the best-performing sector, with a 2.7 percent increase, while technology and consumer cyclicals were the only groups that faced declines.
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