Stock Market Today: Another Down Day for Nvidia Drags on Stocks
The mega-cap chipmaker shed more than 4% this week, creating headwinds for the S&P 500 and Nasdaq.


Stocks were choppy Friday as investors sifted through several economic reports and looked ahead to a key inflation update due next Friday. But while the main indexes closed mixed today, all three managed weekly wins.
Today's economic calendar doesn't hold a candle to next week's busy lineup, but there were a few noteworthy reports. Among them was an update from the National Association of Realtors that showed sales of previously owned homes fell 0.7% month-to-month in May as the median existing-sales home price reached a record high of $419,300. Year-over-year, existing home sales were down 2.8%.
Additionally, data from S&P Global showed business activity in the U.S. grew at its fastest pace in more than two years in June, while both input and selling price inflation slowed. "Historical comparisons indicate that the latest decline [in selling price inflation] brings the survey's price gauge into line with the Fed's 2% inflation target," said Chris Williamson, chief business economist at S&P Global Market Intelligence.
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The next major economic event occurs one week from today when the May Personal Consumption and Expenditures (PCE) Price Index will be released. This is the Fed's preferred measure of inflation that tracks consumer spending.
Nike upgraded ahead of earnings
In single-stock news, Nike (NKE) gained 1.6% after the Dow Jones stock was upgraded ahead of its turn on the earnings calendar next Thursday. Oppenheimer analyst Brian Nagel lifted his rating on NKE to Outperform (Buy) from Perform (Hold) and reinstated it as a "top mega-cap pick," saying the internal and external challenges Nike has faced in recent quarters are now priced into the shares.
As a result, NKE is "poised to rebound gradually, as efforts on the part of senior leadership to refocus on product innovation and brand-building take hold," Nagel adds.
Palantir downgraded to Sell after red-hot rally
On the negative side of the ledger, Palantir Technologies (PLTR) slumped 6.8% after Monness, Crespi, Hardt analyst Brian White downgraded the data analytics firm to Sell from Neutral (Hold). The shares have surged nearly 40% this year on excitement surrounding the company's artificial intelligence (AI) initiatives, but White says this rally has taken PLTR too far, too fast.
"Palantir's stock was already rich upon entering 2024," White wrote in a note to clients, adding that its "valuation has now reached a gluttonous extreme." The analyst also set his price target on the AI stock at $20, more than 16% below current levels.
Nvidia retreat continues
Nvidia (NVDA) was another notable decliner Friday, with the chipmaker falling 3.2%. Shares finished with a weekly loss of 4.1%, with NVDA losing $134 billion in market value along the way. To put this figure in perspective, it's roughly equivalent to the entire market cap of fellow semiconductor stock Intel (INTC, -1.5%).
As for the main indexes, the Nasdaq Composite slipped 0.2% to 17,689, the S&P 500 shed 0.2% to 5,464, and the Dow Jones Industrial Average closed marginally higher at 39,150.
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With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
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