Why Nvidia Stock Is Sinking Today
Nvidia (NASDAQ: NVDA) stock is losing ground in Tuesday's trading. The artificial intelligence (AI) leader's share price was down 5.9% as of 1 p.m. ET, according to data from S&P Global Market Intelligence.
While there isn't any business-specific news pushing Nvidia lower today, the stock is losing ground due to macroeconomic concerns and underwhelming business results from some major players in the retail space. In particular, the graphics processing unit (GPU) specialist's share price is being pushed lower due to results and commentary from and Home Depot.
While there might not seem to be much immediate overlap between Nvidia and retail, Walmart and Home Depot are often viewed as bellwethers for the broader economy. Their quarterly results can provide a lot of valuable information about consumer sentiment and overall macroeconomic conditions, and Wall Street didn't like what it saw when the two companies reported earnings before market open this morning.
Source Fool.com
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