Stock market today: Wall Street coasts to the close of another winning week as Nvidia cools again
U.S. stocks coasted to the close of their latest winning week, as Nvidia’s stock continued to cool from its startling, supernova run
NEW YORK — U.S. stocks coasted to the close of their latest winning week on Friday, as Nvidia ’s stock continued to cool from its startling, supernova run.
The S&P 500 slipped 0.2%, but it remained close to its all-time high set on Tuesday and capped its eighth winning week in the last nine. The Dow Jones Industrial Average edged up by 15 points, or less than 0.1%, while the Nasdaq composite dropped 0.2%.
Nvidia again dragged on the market after falling 3.2%. The company’s stock has soared more than 1,000% since October 2022 on frenzied demand for its chips, which are powering much of the world’s move into artificial-intelligence technology, and it briefly supplanted Microsoft this week as the most valuable company on Wall Street.
But nothing goes up forever, and Nvidia’s drops the last two days sent its stock to its first losing week in the last nine.
Much of the rest of Wall Street was relatively quiet, outside a few outliers.
Sarepta Therapeutics jumped 30.1% after U.S. regulators approved the use of its medicine for children with Duchenne muscular dystrophy who are at least 4.
Gun maker Smith & Wesson Brands tumbled 12.9% despite reporting stronger profit for the latest quarter than analysts expected. The summer is traditionally a slower season for firearms, according to CEO Mark Smith.
Shares of Trump Media & Technology Group rallied back from an early loss and rose 3.4% to trim its loss for the week to 25.3%. The company behind Donald Trump’s Truth Social platform had seen its stock nearly halve since the conviction of the former president in late May on charges in a scheme to
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