Stock Market Today: AI-Fueled Tech Rally Stalls as Nvidia Tops $1 Trillion

The article discusses the recent stall in the AI-fueled tech rally, with Nvidia’s market capitalization surpassing $1 trillion. Key points include: 1) The tech-heavy Nasdaq Composite fell 0.8% after hitting a 14-month high, led by declines in AI stocks like Nvidia, Microsoft, and Google parent Alphabet. 2) Nvidia shares slipped 3.7% but remained above $400, giving the chipmaker a market cap over $1 trillion for the first time. 3) Investors are closely watching AI developments, with the sector’s growth potential fueling a tech stock rally this year. 4) However, concerns about excessive valuations and the economic outlook have caused some volatility. 5) The broader S&P 500 fell 0.3%, while the Dow Jones Industrial Average edged higher. 6) Treasury yields rose, with the 10-year note yield climbing to 3.82%.

Source: https://markets.businessinsider.com/news/stocks/stock-market-today-ai-fueled-tech-rally-stalls-nvidia-tops-2024-6