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The Nasdaq Composite notched its biggest one-day drop in almost two months, as Nvidia led a sell-off among several Big Tech names and countered gains for the broader US stock market.
The tech-heavy index closed 1.1 per cent lower on Monday, its biggest one-day drop since April 30. Shares in Nvidia dropped 6.7 per cent, continuing a recent slide, for their biggest daily fall since mid-April.
Owing to its heavy weighting, Nvidia’s share price moves have a large influence over the direction of stock market indices. Amazon and Microsoft, as well as chip groups Broadcom and AMD, closed lower.
The S&P 500 closed 0.3 per cent lower on Monday, even as about 70 per cent of the benchmark index’s constituents ended the session higher. Energy, up 2.7 per cent, was the gauge’s best-performing sector, while technology and consumer cyclicals were the only two groups nursing declines.