(Bloomberg) — A selloff in the stock market’s most-influential group drove the Nasdaq 100 to its lowest level since November as Nvidia Corp.’s results failed to revive the artificial-intelligence rally.
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The S&P 500 fell 1.6%, erasing its gains for 2025. Megacaps bore the brunt of the selling as good-but-not-great numbers from Nvidia Corp. disappointed investors. The chipmaker sank 8.5%. The dollar rose as Donald Trump said 25% tariffs on Canada and Mexico are on track to go into place March 4, and he’d impose an additional 10% tax on Chinese imports.
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“Nvidia’s earnings were good, but they did not do a lot to lessen the growing fears that the earnings from the AI market will not be as strong as investors had been thinking,” said Matt Maley at Miller Tabak + Co. “The quotes out of Washington, DC continue to create decent sized intraday moves in the markets.”
All the uneasiness around the actual impact of potential US tariffs on things like trade, the economy, inflation and even geopolitics kept Wall Street traders on their toes. And there was no major relief from Thursday’s big batch of economic data released in the run-up to a key inflation reading.
The US economy advanced at a healthy pace and inflation was more stubborn than initially estimated at the end…
