Stocks fell sharply Thursday after a tech rally, sparked by stronger-than-expected Nvidia results, was short-lived. Traders also braced for a key speech from Federal Reserve Chairman Jerome Powell. The Dow Jones Industrial Average closed 373.56 points lower, or 1.08 per cent, at 34,099.42. The S&P 500 lost 1.35 per cent to end the day at 4,376.31. The tech-heavy Nasdaq Composite shed 1.87 per cent to 13,463.97. Thursday marked the worst day for the Dow since March. The S&P 500 and Nasdaq had their biggest one-day loss since Aug. 2.

Nvidia shares reached an all-time high after the company reported quarterly earnings and revenue that exceeded lofty analyst expectations. The company also raised its guidance, with executives predicting third-quarter revenue would climb to $16 billion, or a year-over-year increase of 170 per cent. However, the stock closed just 0.1 per cent higher.

US Treasury yields climbed on Thursday as investors waited for signals on monetary policy from central bankers' comments at the Jackson Hole, Wyoming meeting on Friday. The yield on the benchmark 10-year Treasury note was higher at 4.241 per cent, after hitting a 16-year high earlier this week.

European markets closed mixed. London's FTSE added 0.18 per cent, Frankfurt lost 0.68 per cent, and Paris closed 0.44 per cent lower. Turning to Asian markets, Tokyo's Nikkei gained 0.87 per cent, Hong Kong's Hang Seng added 2.05 per cent while China's Shanghai Composite closed 0.12 per cent higher.

Gold lost 0.17 per cent. Silver fell 0.77 per cent. Copper lost 1.26 per cent. Oil shed 0.01 per cent.

Dow Jones 34,099.42 -373.56 -1.08%
US S&P 500 4,376.31 -59.70 -1.35%
US Nasdaq 13,463.97 -257.06 -1.87%
UK FTSE 100 7,333.63 +13.10 +0.18%

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Advanced Share Registry Limited published this content on 25 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 August 2023 07:37:01 UTC.