S&P 500 suffers worst loss of 2025 on tariffs and Nvidia-fueled sell-off
The S&P 500 tumbled 1.8%, its worst loss of 2025, as markets were hit with a vicious one-two punch of the continued plunge in momentum stocks and a real wake-up call on the reality of President Donald Trump’s trade policy. The Nasdaq 100 gave back 2.2% while the Russell 2000 slumped 2.8%.
Energy was the worst-performing sector amid OPEC+’s slightly surprising decision to begin returning oil to the market next month. Tech wasn’t too far behind. Some sources of relief on the tape were the typically defensive sectors: real estate, consumer staples, healthcare, and, to a lesser extent, utilities.
Nvidia tanked nearly 9% amid a chorus of bearish commentary from Goldman Sachs’ market desk, closing at its lowest level of 2025.
Intel initially surged after reports that Nvidia and Broadcom were exploring the idea of becoming customers to make advanced chips, but gave up all those gains and then some.
Sunnova Energy lost nearly two-thirds of its value after issuing the dreaded “going concern” notice.
The gains that various cryptocurrencies enjoyed after this weekend’s declaration of a Crypto Strategic Reserve all faded amid the sell-off in risk assets.
Kroger dropped after announcing the abrupt resignation of its CEO for a personal conduct violation.
