The S&P 500 (SPX) secured a new all-time high of 6,312.74 on Monday, although the benchmark index isn’t performing as well today. Technology and chip stocks, like Nvidia (NVDA), are leading the way lower.
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Taking a look at TipRanks’ S&P 500 Heatmap, we can see that other chip stocks, like Broadcom (AVGO), Advanced Micro Devices (AMD), and Micron (MU), are also deep in the red. There isn’t any industry-specific news to support this reaction. Rather, it could be the sector losing momentum and taking a breather.
Earnings Jitters Pressure S&P 500
Earnings season is underway, creating volatility and uncertainty in the process. That could be a reason for the weakness in the index today.
At the time of writing, 88 of the companies within the S&P 500 have reported their results, with about 82% of the companies beating their respective estimates. Investors are particularly interested in how company executives will portray the impact of tariffs for the upcoming year.
The S&P 500 is down by 0.15% at the time of writing.
