US Stock Market Today: Nvidia Drags Nasdaq, S&P 500 Lower; Tesla Falls Nearly 2%

The Wall Street began last week of the year on a bitter note, with Nasdaq Composite, S&P 500, and Dow Jones Industrial Average opening in the red.

The tech-heavy Nasdaq slumped 0.80% or 185.60 points at open to 23,407.49 after bellwether Nvidia Corp. weighed on the index. The wider index, S&P 500, was also dragged down 0.43% or 29.74 points to 6,900.20 while Dow Jones opened 0.10% or 46.52 points lower at 48,664.45.

An hour after opening, S&P traded 0.37% or 22.65 points lower at 6,904.03, Nasdaq traded 0.48% or 112.34 points lower at 23,481 and Dow Jones fell 0.43% or 207 points to 48,505.

In early trade, shares of Nvidia and Tesla Inc. traded 2.20% and 1.80% lower at $187 and $466.64, respectively.

The rest of the magnificent seven stocks traded lower with Apple Inc. down 0.10% at $273.13, Google-parent Alphabet Inc. down 0.70% at $311.27, Meta Platforms declining 0.20% to $666.08, Microsoft Corp. slipping 0.12% to $487.24, and Amazon.com Inc. trading 0.28% lower at $231.89.

Other tech stocks such as Palantir Technologies, AMD and Dell also traded in the red.

After the US markets opened, six out of the 11 sectoral indices traded in red. The decline was led by the information technology and materials sectors, while energy and utilities led the gains.

Spot gold was trading nearly 5% higher at $4,354 an ounce. In the crude basket, the West Texas Intermediate futures traded 2.49% higher at $58.15 a barrel, whereas Brent crude traded 2.21% higher at $61.55 a barrel.

The Bloomberg Dollar Spot Index was little changed. The euro was also unchanged at $1.1779. Similarly, the British pound saw muted movement at $1.3497, while the Japanese yen rose 0.3% to 156.14 per dollar.

Bitcoin, the largest traded cryptocurrency, fell 0.2% to $87,370.67.