LIVE MARKETS-US stocks dip as Nvidia falls on CEO exit; yields rise, energy rallies
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US STOCKS DIP AS NVIDIA FALLS ON CEO EXIT; YIELDS RISE, ENERGY RALLIES
The main US stock indexes ended modestly lower on Thursday as a rise in oil prices boosted energy shares, although Nvidia's NVDA.O decline after CEO Jensen Huang's exit weighed on the market.
The chip company's shares ended down just over 4%, after earlier dropping more than 14%. Retail investors bought Nvidia shares worth about $111 million in the first half hour of trading, the biggest opening bid on record for the stock, according to data from Vanda Analytics.
Most of the S&P 500's .SPX 11 major sectors finished lower with materials .SPLRCM, off 1.5%, taking the biggest hit. Energy .SPNY rose 1.5% as the best-performing group. Crude prices climbed after President Donald Trump wrote on social media that the US did not need a deal with Iran.
Beneath the surface, mid caps .MID, small caps .RUT, housing-related shares .HGX, biotech .NBI and gold/silver miners .XAU were on the weak side as the US 10-year Treasury yield hit a three-week high.
After sliding as much as 3.7%, the PHLX Semiconductor Index .SOX ended down just 0.5%.
Apple AAPL.O hit a fresh record intraday high, but failed to hold its gains. It closed down 0.2%.
Here is a snapshot of where markets stood shortly after 4 p.m. ET.
(Terence Gabriel)
EARLIER ON LIVE MARKETS:
BLUE WAVE HEALTHCARE ANGST MAY BE OVERDONE: JANUS HENDERSON CLICK HERE
WREN: POST-MIDTERM VOLATILITY OFFERS OPPORTUNITY CLICK HERE
BUST AND BOOM: EXISTING HOME SALES, JOBLESS CLAIMS CLICK HERE
DESPITE THE BLUE WAVE AND NVIDIA UPROAR, JUST BUY THE TECH DIP: FUNDSTRAT CLICK HERE
CHIP SECTOR REBOUND FACES TEST AS NVIDIA TUMBLES CLICK HERE
EUROPEAN CONSUMPTION TO SLOW AS WINTER BITES CLICK HERE
AI BOOM MAY ALREADY HAVE PEAKED CLICK HERE
DRUGS BOUGHT, CHIPS SHUNNED: STOXX ON A HIGH CLICK HERE
BEFORE THE BELL: EUROPE PUSHES TOWARD NEW RECORD CLICK HERE
JENSEN HANGS ON AS NVIDIA TUMBLES CLICK HERE