How quickly the mighty fall, or a correction time for Nvidia so soon after reaching the top.
Nvidia shares lost 6.68% on Monday, taking the fall since its peak five days ago to more than 11% and into a correction right at the end of the month and quarter.
So it’s no wonder the Dow outperformed on the day with a gain of 261 points, while the S&P 500 and the Nasdaq both dipped.
Nvidia is in the latter two, not in the Dow yet, so the Dow managed a 0.67% gain while the Nasdaq saw a 1% loss (the S&P was only down 16 points or so).
Nvidia shares have failed to sustain last week’s large rise, which saw the company’s market value briefly top that of Microsoft as the most valuable company in the US (and the world).
The fall of the past week has seen the company’s market value tumble to $2.91 trillion, a distant third behind Microsoft at $3.3 trillion (with shares up 1.25% in the past five days) and Apple, second at $3.18 trillion with shares down 2.4%.
Despite the selloff, Nvidia shares are still up nearly 140% for the year and more than 24% in the past three months.