In the past year, Nvidia Corp. has had a big impact on the stock market. But on Thursday, its strength wasn’t enough as the chip stock went up a lot while major indexes went down a lot.
The S&P 500 SPX fell 39.17 points, or 0.7%, while Nvidia shares NVDA, 0.48% went up 9.3% on the day. By a number of standards, that was a big difference.
It’s been eight years since Nvidia’s stock went up more than 7% while the S&P 500 went down at least 0.5%. Dow Jones Market Data says that the last time that happened was on May 13, 2016, when Nvidia shares went up 15.2% and the S&P 500 went down 0.8%.
We can say for sure that Nvidia wasn’t the market leader back then; it was a very different company.
Dow Jones Market Data says that time, in May 2016, its market value was $22.3 billion. Today, it is worth $2.55 trillion.
And Nvidia said in May 2016 that it made $1.3 billion in sales during the April quarter. The stock went up on Thursday after Nvidia reported earnings for the April quarter, which showed that the company made a total of $26 billion.
The contrast between Nvidia and the market on Thursday was also clear in the size of the S&P 500’s losses during the day. Dow Jones Market Data shows that only 54 S&P 500 components ended the day in the black. This is the lowest number of daily winners since April 12, when there were only 40.
