[New York Stock Market] Only the Dow Rises 0.1% as Tech Stocks Weaken... Nvidia Narrows Losses to 2%

[Financial News]  

New York stocks ended mixed on the 13th (local time).
Tech stocks struggled as Nvidia remained weak, but managed to pare their losses in the latter part of the session.
Nvidia, which had plunged nearly 5% early in the session, ended down 2%. But AMD and Broadcom, which had benefited from Nvidia’s weakness, plunged 9% and nearly 5%, respectively, sending the semiconductor leveraged ETF Direxion Daily Semiconductor Bull 3X Shares down 11%.

The Dow Jones Industrial Average (DJIA) closed up 50.46 points (0.10%) at 52,347.55. Cisco Systems plunged more than 6%, and Nvidia also fell more than 2%, but so-called industrial stocks such as Chevron, Coca-Cola and Procter & Gamble (P&G) rose, lifting the index.
However, the tech-heavy S&P 500 and Nasdaq Composite were weaker.
The S&P 500 closed down 30.73 points (0.40%) at 7,561.67, while the Nasdaq fell 229.82 points (0.91%) to 25,136.27.
Both indexes managed to sharply pare their early losses. Intraday losses at one point exceeded 1.2% for the S&P 500 and 1.9% for the Nasdaq.
Nevertheless, all three major indexes posted strong weekly gains of more than 2%.
The Dow gained 2.1%, while the S&P 500 and Nasdaq rose 2.5% and 2.3%, respectively.
The Nasdaq-100 Index, comprising 100 large-cap tech stocks, slid 345.45 points (1.22%) to 27,943.74. The leveraged ETF ProShares UltraPro Short QQQ (TQQQ), which tracks the index’s daily moves at three times their magnitude, closed down $2.20 (3.67%) at $57.68. Despite the day’s decline, TQQQ surged 10.4% over the week.
The Cboe Volatility Index (VIX), Wall Street’s so-called “fear gauge,” rose 0.60 points (3.21%) to 19.30.

Although the fallout from CEO Jensen Huang’s resignation continued to weigh on Nvidia, the impact appeared to be gradually easing. The stock, which had plunged 4.7% from the previous close to as low as $158.39 early in the session, pared its losses and ultimately closed down $3.34 (2.01%) at $162.85.
By contrast, shares of rivals such as AMD and Broadcom, which had benefited while Nvidia struggled, also came under pressure.
AMD plunged $51.24 (8.75%) to $534.06, while Broadcom slid $17.35 (4.76%) to $347.01.
Micron closed down $20.13 (1.52%) at $778.31, while SK hynix’s American depositary receipts (ADRs) fell $5.92 (4.30%) to $131.79.
Direxion Daily Semiconductor Bull 3X Shares (SOXL), which tracks the daily share-price moves of 30 semiconductor stocks at three times their magnitude, plunged $7.21 (11.00%) to $58.32.

Big Tech stocks were mixed, but mostly trended lower.
Apple closed up $1.39 (0.39%) at $356.27, while Microsoft (MS) rose $0.88 (0.17%) to $523.88.
Alphabet closed down $2.93 (0.98%) at $295.77, while Palantir fell $3.59 (2.09%) to $167.99.
Elon Musk’s Tesla closed down $7.23 (1.82%) at $390.22, while SpaceX ended trading down $0.83 (0.59%) at $139.11.

[email protected] Song Kyung-jae Reporter