Wall Street closed lower, despite a blowout profit report from Nvidia, as bond yields rose ahead of a highly anticipated speech from Federal Reserve Chair Jerome Powell.
The S&P 500 fell 1.3% Thursday after erasing an earlier gain. The index is still a touch higher for the week. The Dow fell 373 points, and the Nasdaq lost 1.9%.
Nvidia ended slightly higher after its profit report topped high expectations and raised hopes that this year’s frenzy around artificial-intelligence technology isn’t just hype. But the rest of the stock market was weaker as rising Treasury yields cranked up the pressure.