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Nvidia loses more than US$550 billion in market value; Zelenskyy fires senior commander
The Nasdaq Composite posted its biggest daily drop in nearly two months, as Nvidia led a selloff among several Big Tech names and offset gains in the broader U.S. stock market.
The tech-heavy index closed down 1.1% on Monday, its biggest daily drop since April 30. Nvidia shares fell 6.7%, continuing a recent slide, for their biggest daily drop since mid-April.
Due to its large weight, Nvidia’s share price movements have a large influence on the direction of stock market indices. Amazon and Microsoft, as well as chip groups Broadcom and AMD, closed lower.
The S&P 500 closed down 0.3% on Monday, even as about 70% of the benchmark index’s constituents ended the session higher. Energy, with a 2.7 percent increase, was the indicator’s best-performing sector, while technology and consumer cyclicals were the only two groups that suffered declines.