Why Nvidia Stock Short-Circuited Today

Here we go again.

News of a new coronavirus variant in South Africa sent stock markets reeling on Friday, with the Nasdaq Composite off 2% and the Dow Jones Industrial Average down 2.7% as of noon ET. And despite more than one positive news item today, Nvidia (NASDAQ: NVDA) stock is joining in the sell-off, losing 3.4%.

That's a crying shame. After all, this morning saw a new upgrade for Nvidia shares from First Shanghai bank, which raised its recommendation on the stock to buy and set a new $380 price target that's a good 21% above where the stock trades today.  

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Source Fool.com