Nvidia-led rally reverse course; Walmart shares rise

Shares of the world’s most valuable company lost early gains after a strong earnings report, while shares of a major retailer rose after its latest quarterly results beat expectations.

Major US stock indexes ended Thursday’s session in the red after late September jobs data sent mixed signals. The technology sector led the declines, as shares of Nvidia (NVDA) pulled back from an early advance on the heels of the AI ​​chip maker’s better-than-expected quarterly results to close down 3.2%.

Nvidia stock was one of the worst performing stocks of the day in the Dow Jones, falling 0.8%. The Standard & Poor’s 500 index fell by 1.6%, and the Nasdaq index, which is dominated by technology stocks, fell by 2.2%. See here for more Investopedia In the market movement on Thursday.

Shares of other artificial intelligence chip manufacturers fell, along with Nvidia. Rival Advanced Micro Devices (AMD) shares were down nearly 8%, Broadcom (AVGO) shares were down 2%, and the PHLX Semiconductor Index was down nearly 5%. Nvidia memory chip partner Micron Technology (MU) fell 10.9%.

Jacobs Solutions (J) shares lost the most of any stock in the S&P 500, falling nearly 11% after the engineering and consulting company reported a year-over-year decline in quarterly earnings. The company said the results reflect a change in the value of its investment in Amentum (AMTM), which spun off the company last year and merged its former intelligence arm with its cyber and mission-critical solutions business.

Bitcoin (BTCUSD) price extended its downtrend to hover around $87,000. Shares of Robinhood Markets (HOOD), which offers cryptocurrency trading on its platform, fell about 10%, while shares of cryptocurrency exchange operator Coinbase Global (COIN) fell 7.4%.

Shares of Walmart (WMT) jumped nearly 7% to top Thursday’s performance in the S&P 500, after the retail giant’s earnings beat analysts’ estimates. Annual growth in e-commerce sales and advertising revenue helped drive the strong performance, in what could be a positive signal for US consumer spending as the peak holiday season approaches.

Regeneron Pharmaceuticals (REGN) has received FDA approval for its Eylea HD eye treatment for patients with macular edema following retinal vein occlusion. Regulators have also given the green light to a monthly dosing option for Eylea HD for patients with a variety of eye conditions. Regeneron shares advanced 5%.

Shares of Solventum ( SOLV ), the healthcare company that was spun off from 3M ( MMM ) last year, rose nearly 3%. The rise came after Solventum announced it had agreed to acquire Acera Surgical, a bioscience company focused on regenerative wound care. Solventum is set to pay $725 million in cash for Acera, with up to $125 million in potential additional payments tied to reaching certain milestones.