Nvidia stock was on track for its worst day since last May on Tuesday ahead of the highflying chip maker’s earnings report on Wednesday.
Nvidia shares were down 5.4%, on track for their largest percent decrease since May 31, 2023, when they fell 5.7%, according to Dow Jones Market Data. Nvidia is currently down for four of the past five days.
The stock is still up 11.6% in February and 39% in 2024. Nvidia shares are up 232% in the past 12 months.
“I think what you're seeing is just some hedging up ahead of the results,” Sevens Report Research’s Tom Essaye told Barron’s in a phone interview. “I think that’s part of it. The other part of it is you're still seeing some follow through from Friday selling, too, as are getting, not nervous a rebound in inflation, but a little less sure that inflation is just going to keep going straight down in a line.”
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