As Nvidia’s stock fell nearly 2%, the Philadelphia Semiconductor Index also experienced a more than 1% decline.
On Wednesday, the New York stock market’s semiconductor index declined 1.08% to 4,859.29 points.
For its part, Nvidia closed at $113.37, down 1.92% from the previous trading day.
There were no specific developments related to Nvidia on that day. It appears that Nvidia’s decline followed a broader downturn in the U.S. stock market.
On the same day, the Dow fell by 0.25%, the S&P 500 by 0.29%, and the Nasdaq by 0.31%. This was interpreted as a reaction to fears of an economic recession following the Federal Reserve’s 0.5% interest rate cut.
In the wake of Nvidia’s decline, its competitor AMD also saw a drop of 1.68%. Intel, which had recently enjoyed a rally due to positive news, plummeted by 3.26%, reflecting a wider downturn among major semiconductor stocks.
Consequently, the semiconductor index ended the day down by more than 1%.