Global markets update: US stocks slump over 1% ahead of Powell’s speech at Jackson Hole, Nvidia rises

The S&P 500 lost 59.7 points, or 1.35%, at 4,376.31. The Dow Jones Industrial Average fell 373.56 points, or 1.08%, at 34,099.42. The Nasdaq Composite dropped 257.06 points, or 1.87%, at 13,463.97.

Central bankers have gathered on Thursday for an annual symposium at Jackson Hole. 

Shares of Nvidia rose as much as 6.7% on Thursday, hitting an all-time high, after the company unveiled a $25 billion stock buyback plan and record quarterly revenue. During the session, the company surged as high as $502.66.

Nvidia closed up 0.12% at $471.74. Its stock is now 223% up year-to-date.

Other chipmakers fell as investors focused on Nvidia. Shares of Marvell Technology and Advanced Micro Devices Inc shed nearly 7%. Intel fell 4.1%.

Currencies

The US dollar rose at 145.86 Japanese yen from 144.80. It fell at $1.0810 from $1.0859 against the euro.

Energy prices

The US crude oil benchmark for October delivery rose 16 cents at $79.05 a barrel Thursday. Brent crude for October delivery rose 15 cents at $83.36 a barrel.

Natural gas for September delivery added 2 cents at $2.52 per 1,000 cubic feet.

Bullion

Gold for December delivery fell $1 at $1,947.10 an ounce. Silver for September delivery lost 16 cents at $24.23 an ounce. 

Updated: 25 Aug 2023, 02:42 AM IST