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Nvidia wipes out over $550 billion in market value; Zelenskyy fires top commander
The Nasdaq Composite posted its biggest one-day drop in nearly two months, with Nvidia leading a sell-off among several big technology names and offsetting gains in the broader U.S. stock market.
The technology index closed 1.1% lower on Monday, its biggest one-day drop since April 30. Nvidia shares fell 6.7%, continuing a recent slide, for their biggest daily drop since mid-April.
Because of its heavy weighting, Nvidia’s share price movements have a big influence on the direction of stock market indexes. Amazon and Microsoft, as well as chip groups Broadcom and AMD, closed lower.
The S&P 500 closed 0.3 percent lower on Monday, even as about 70 percent of the benchmark index’s constituents ended the session higher. Energy, up 2.7 percent, was the index’s best-performing sector, while technology and consumer cyclicals were the only two groups with declines.