On Thursday, February 27, U.S. markets closed in the red, driven by a sharp decline in Nvidia’s stock after its quarterly forecast fell short of Wall Street’s high expectations.
Concerns over slowing demand for artificial intelligence technologies and economic data indicating a cooling U.S. economy further dampened investor sentiment—rising jobless claims and slowing economic growth added to fears of a potential downturn.
Related: Nvidia Shares Dip Despite Strong Q4 Earnings Beat, Record Revenue: What’s Going On?
The U.S. Bureau of Economic Analysis revised fourth-quarter 2024 GDP upward by less than 0.1%, driven by increased government spending and exports. Meanwhile, initial jobless claims rose by 22,000 to 242,000, surpassing the expected 221,000 and reaching their highest level in over two months, signaling a weakening labor market.
Most S&P 500 sectors ended lower, led by declines in technology and communication stocks, while financial and energy stocks posted …
