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23/05/24 Briefing

Stocks slid from record levels on Thursday as interest rate worries dominated investor sentiment after Nvidia's (NVDA) blockbuster earnings failed to spur a broader market rally.

The tech-heavy Nasdaq Composite (^IXIC) fell about 0.4%, while the S&P 500 (^GSPC) dropped more nearly 0.8%.

The Dow Jones Industrial Average (^DJI) dipped more than 1.5%, or 600 points, for its worst day since March 2023. A 7% drop in Boeing (BA) shares following an announcement of delayed plane deliveriesweighed on the Dow.

Nvidia's shares popped more than 9% to top $1,000 for the first time after the AI bellwether blew past Wall Street's sky-high forecasts for first quarter earnings. The chip giant also raised its guidance, easing fears that AI demand might be losing steam.

Other chipmakers and AI-related stocks rode higher on the coattails of the results, with server maker Dell (DELL) up about 4%.

Stocks had slipped on Wednesday after Federal Reserve minutes reignited concerns over the path of interest rates. Economic data on Thursday furthered that narrative. The S&P Global Purchasing Managers Index (PMI) for May came in at 54.4 versus 51.3 last month. The flash reading, which came in higher than economists had expected, showed business activity accelerated at the fastest pace in two years despite the Fed's efforts to quell price pressures.

Stocks started their declines for the day following the report.

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