CNBC Daily Open: Dow sinks 600 points, Nvidia soars
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here .
Dow sinks 600 points
The Dow Jones Industrial Average suffered its worst day of the year, dropping over 600 points on Thursday. Boeing led the decline on the Dow. Despite reaching intraday record highs earlier, both the S&P 500 and the Nasdaq Composite ended the day in negative territory. Nvidia's blockbuster earnings and guidance failed to prop up markets, with more than 400 stocks on the S&P 500 trading lower. Treasury yields extended gains as the Fed delays rate cuts, while oil prices bounced back after a three-day decline.
Nvidia pops
Shares of Nvidia soared as much as 11% after the AI chipmaker's earnings that beat Wall Street's estimates. It also issued strong guidance as demand for its artificial intelligence accelerators remains robust. Shares passed $1,000 for the first time, reaching an all-time high of $1,063.20 during intraday trading, and are up about 111% this year.
Musk disapproves China EV tariffs
Tesla CEO Elon Musk said he's not in favor of tariffs on Chinese electric vehicles, which were imposed last week by President Joe Biden. "Neither Tesla nor I asked for these tariffs," Musk said in response to a question from CNBC's Karen Tso. "Tesla competes quite well in the market in China with no tariffs and no preferential support. I'm in favor of no tariffs."
Boeing sinks
Shares of Boeing dropped 7.6% after CFO Brian West said the company would continue to burn through cash this year. Delivery of new planes, a major source of revenue, will not improve in the second quarter. Boeing is