US Markets: S&P500, Dow Jones edge higher; Nasdaq falls as Nvidia shares crack further

Nvidia’s selloff deepened, with shares falling another 2 percent, taking the total fall to 14 percent in the last five sessions.

Wall Street's main indices opened the trading session on a mixed note on Friday, with the S&P 500 edging up 0.1 percent, the Dow Jones Industrial Average rising 121 points, or 0.2 percent, and the Nasdaq Composite slipping 0.3 percent. The tech-heavy index posted a 5.3 percent decline in February, its worst month since September 2023.

Nvidia’s selloff deepened, with shares falling another 2 percent, taking the total fall to 14 percent in the last five sessions. The AI chip giant’s latest earnings report showed a narrowing gross profit margin and its smallest revenue beat in two years, dampening investor sentiment.

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Meanwhile, fresh inflation data showed the Federal Reserve’s preferred gauge, the personal consumption expenditures (PCE) price index, rose 0.3 percent in January and 2.5 percent year over year, in line with expectations. Core PCE, which strips out food and energy, also increased 0.3 percent for the month and 2.6 percent annually.

February has lived up to its reputation for volatility. The S&P 500 lost 2.9 percent this month, marking its worst performance since April 2024, while the Dow slid 2.7 percent.

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Bitcoin’s slump continued, with the cryptocurrency hitting a three-month low of $78,226. It has dropped more than 14 percent this week, heading for its steepest weekly loss since November 2022. Outflows from bitcoin exchange-traded funds have totaled $2.7 billion so far this week, the highest on record.