June 16, 2024

A better-than-expected earnings report from Nvidia led the Nasdaq to a new high today, but the stock market struggled overall, with Dow Jones falling over 600 points, marking its worst day of 2024. Meanwhile, Federal Reserve officials expressed increased concern about inflation at their latest meeting, with members indicating a lack of confidence in proceeding with interest rate reductions.

As the day ended, the Dow dropped 605 points, or about 1.5%, to 39,065. The Nasdaq hit an all-time high, closing the day at 16,736 points, while the S&P 500 shed 0.7%. Meanwhile, the 10-year Treasury yield jumped to 4.479%.

Nvidia stock opens above $1,000 after record earnings

After delivering a better-than-expected first-quarter earnings report and announcing a 10-for-1 stock split, Nvidia’s stock price opened above $1,000 Thursday morning. The stock was up over 9% by closing time, hovering around $1,037.

Nvidia collaborator TSMC saw its shares open at around $159, up about 1.9%. The chipmaker beat Wall Street’s expectations again, reporting a record first-quarter revenue of $26 billion for fiscal year 2025 — up 262% from a year ago.

The chipmaker’s revenue for the quarter ending April 28 rose 18% from its last quarter revenue of $22 billion, which also beat Wall Street’s sky-high expectations and was up nearly 270% from the previous year.

Boeing’s China-bound planes are stuck in regulatory limbo

Boeing can’t deliver planes to China. Reuters reports that the company’s planes are stuck in delays because of inspections from the country’s Civil Aviation Administration (CAAC). The inspections concern the batteries being used in the cockpit voice recorder of the 737 Max planes. It’s likely a disappointment for Boeing, considering it just regained business in China.

Following the news, the stock dropped over 7% by closing time.

The feds sue to break up Live Nation and Ticketmaster

As the day ended, the shares of Live Nation Entertainment fell 7.8% after the Department of Justice (DOJ) on Thursday sued Live Nation Entertainment and asked a court to break up the company over claims it has maintained an illegal monopoly over the live entertainment industry.

The DOJ said Live Nation controls roughly 80% of primary ticketing at major concert venues and 60% of concert promotions. In its complaint, the government argues that Live Nation has acquired several smaller companies it had identified as “threats,” threatened venues with losing access to some tours if they didn’t work with Ticketmaster, and blocked artists who didn’t work with the company from its venues.

— Britney Nguyen, Melvin Backman, and William Gavin contributed to this story.

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