Market Update: S&P 500 Dips, Nvidia Earnings Anticipation, PDD Holdings Plunge!

The S&P 500 closed down 0.3% on Monday, while the Dow Jones Industrial Average edged up 0.2%. The Nasdaq Composite, heavy with tech stocks, dropped 0.9%.

Tech stocks had a rough day, with chipmakers leading the decline. SMCI plummeted 8.3%, Nvidia fell 2.25%, Micron Technology dropped 3.8%, and Taiwan Semiconductor Manufacturing closed down 1.3%. Other tech giants also struggled—Microsoft dipped 0.8%, Meta fell 1.3%, while Apple barely managed to stay positive, closing up 0.1%. Alphabet, Google's parent company, rose 0.3%.

Tesla had a tough session, closing down 3.2%. Meanwhile, Chinese e-commerce giant PDD Holdings, owner of Temu and Pinduoduo, missed growth forecasts and saw its stock plunge 28.5%.

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