The Nasdaq Composite notched its biggest one-day drop in almost two months, as Nvidia led a sell-off among several Big Tech names and countered gains for the broader US stock market.
The tech-heavy index closed 1.1 per cent lower on Monday, its biggest one-day drop since April 30. Shares in Nvidia dropped 6.7 per cent, continuing a recent slide, for their biggest daily fall since mid-April.
Owing to its heavy weighting, Nvidia’s share price moves have a large influence over the direction of stock market indices.
The S&P 500 closed 0.3 per cent lower on Monday, even as about 70 per cent of the benchmark index’s constituents ended the session higher.
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