Nasdaq Down Over 2% in Afternoon Trading

Nasdaq Down Over 2% in Afternoon Trading

Those hoping Nvidia’s earnings report could revive the stock market’s rally were asking for too much.

All three of the major indexes were down in Thursday afternoon trading. The Dow dropped 112 points, or 0.3%, after rising solidly for much of the trading day. The S&P 500 was down 1.2%. Selling in the tech sector following Nvidia’s earnings report sent the Nasdaq Composite down 2.2%.

Though Nvidia’s earnings report was better-than-expected, it wasn’t enough to undo a recent unwinding of the AI trade. The stock was down 6% after rising to start the day.