Nvidia stock was on track for its worst day since last May on Tuesday ahead of the highflying chip maker’s earnings report on Wednesday.
Nvidia shares were down 5.4%, on track for their largest percent decrease since May 31, 2023, when they fell 5.7%, according to Dow Jones Market Data. Nvidia is currently down for four of the past five days.
The stock is still up 11.6% in February and 39% in 2024. Nvidia shares are up 232% in the past 12 months.
The Nasdaq Composite was down 1.3% in Tuesday morning trading, while the S&P 500 was down 0.7%. The Dow Jones Industrial Average was down just 46 points, or 0.1%. Nvidia, which has been a standout in the past year, was dragging on tech stocks, especially, on Tuesday.
“I think what you’re seeing is just some hedging up ahead of the results,” Sevens Report Research’s Tom Essaye told Barron’s in a phone interview. “I think that’s part of it. The other part of it is you’re still seeing some follow through from Friday selling, too, as people are getting, not nervous about a rebound in inflation, but a little less sure that inflation is just going to keep going straight down in a line.”
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