S&P 500 ends down as Nvidia tumbles after report

The S&P 500 dropped 1.59% to end the session at 5,861.57 points. The Nasdaq tumbled 2.78% to 18,544.42 points, while the Dow declined 0.45% to 43,239.50 points.

NEW YORK: The S&P 500 and Nasdaq ended sharply lower on Thursday, weighed down by a slump in chipmaker Nvidia after its quarterly report failed to rekindle Wall Street's AI rally, while investors focussed on data pointing to a cooling US economy.

Nvidia tumbled 8.5%, evaporating US$274 billion in stock market value, after the Silicon Valley company gave a weaker-than-expected quarterly forecast for gross margin that overshadowed an upbeat revenue outlook.