US stocks fell on Tuesday, with chipmaking giant Nvidia recording its worst day since October ahead of its quarterly earnings report on Wednesday.
The blue-chip S&P 500 fell 0.6 per cent, while the tech-heavy Nasdaq Composite fell 0.9 per cent, both driven by a sell-off in tech stocks. Tuesday was the week’s first day of trading after a public holiday on Monday.
Chipmaker Nvidia fell 4.4 per cent, its worst day in four months ahead of tomorrow’s earnings report, as traders bet that the company could fail to meet the market’s lofty expectations.
Nvidia’s stock has risen dramatically in recent months, peaking at an all-time high last week, as investors have wagered that it will be one of the biggest US beneficiaries of the boom in artificial intelligence.