Nvidia Hit by Chip Sell-Off as Stocks Plummet Following Jobs Report

The stock market saw some significant movements today, with semiconductor stocks taking a hit while some other companies experienced gains. Here are some of the highlights from today’s trading:

– **Semiconductor Stocks Plummet:** Intel sank 4.7% after disappointing earnings forecasts from two peers brought this week’s chip rally to a grinding halt. Marvell Technology tumbled 11.4% after its first-quarter sales and earnings outlook fell far short of analyst estimates. Broadcom shed 7% after reiterating its full-year guidance, disappointing markets that had high hopes for the chip giant after a run-up of its stock this year.

– **Apple Snaps Losing Streak:** Apple shares rose 1% to snap a seven-session losing streak, its longest string of losses in more than 2 years.

– **Eli Lilly’s Alzheimer’s Drug Delayed:** Shares of Eli Lilly fell 2.4% after the pharmaceutical company announced that the FDA wants more information about its experimental Alzheimer’s treatment, donanemab, which will delay its release.

– **Gap Shares Gain:** Gap shares gained over 4% after the apparel company posted higher-than-expected earnings during the holiday quarter, boosted by sales at its namesake brand and Old Navy.

– **Rivian Halts Construction:** Rivian Automotive shares rose after the electric vehicle startup said it was halting construction of a $5 billion factory in Georgia.

– **DocuSign Stock Jumps:** DocuSign shares jumped more than 5% after the e-signature and document management company topped analysts’ quarterly estimates and issued better-than-expected current-quarter and full-year sales outlooks.

Overall, the market saw a mix of gains and losses, with some companies outperforming expectations while others faced challenges. Investors will be keeping a close eye on future developments and market trends as they navigate the ever-changing landscape of the stock market.