Wall Street retreats

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Marketplace

News, Business

4.5 • 1.4K Ratings

🗓️ 23 May 2024

⏱️ 1 minutes

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Summary

AI drives Nvidia profits higher; New home sales slump; White House says an independent Fed is best.

Transcript

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0:00.0	This is the Marketplace Minute. I'm Mitchell Hartman. Stocks fell across the board today.
0:06.8	The Dow was off 1.5%, the S&P dropped 3 quarters percent, and the NASDAQ gave up 4 tenths percent.
0:15.0	Chipmaker and Vidia reported a more than threefold increase in quarterly revenue
0:19.7	fueled by the artificial intelligence boom which the company's advanced semiconductors help power.
0:25.6	Invidious earnings beat expectations, and the company projected the current quarter will
0:30.4	beat the previous quarter.
0:32.6	New home sales fell 4.7% in April compared to the month before, and nearly 8% from the same month
0:39.2	in 2023.
0:41.0	High mortgage rates are a main culprit, making borrowing more expensive for
0:44.8	builders and mortgages more expensive for buyers.
0:48.3	And the White House says the Federal Reserve should remain independent following a report that Donald Trump's allies are
0:54.9	considering requiring presidential consultation on interest-rate decisions.
0:59.1	I'm Mitchell Hartman with the Marketplace Minute.

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