U.S. stocks slumped after a morning rally evaporated, but the losses on Wall Street weren’t as bad as the manic moves that racked markets worldwide over the last week.
U.S. stocks slumped Wednesday after a morning rally evaporated, but the losses on Wall Street weren’t as bad as the manic moves that racked markets worldwide over the last week. The Standard & Poor's 500 slipped 0.8% after an earlier jump of 1.7% petered out. The Dow Jones industrial average fell 234 points, or 0.6%, while the Nasdaq composite dropped 1%. Stocks swung lower as Nvidia, one of Wall Street’s most influential companies, went from a morning gain of 4.
But it also highlights how risks may remain, suggesting that there’s still room left for the popular “carry” trade to unwind and that some hedge funds and other investors may “still remain offsides,” according to John Lynch, chief investment officer for Comerica Wealth Management.
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