Stock Market Today: Dow Jones Slides As Nvidia Stock Hits Record High; Super Micro Soars

The Dow Jones Industrial Average dropped more than 150 points Monday, as Nvidia stock set record highs. Meanwhile, artificial intelligence stock leader Super Micro Computer (SMCI) soared on the stock market today on news it will be added to the S&P 500.

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The Dow Jones Industrial Average lost 0.45% in morning action, as the S&P 500 dropped 0.2%. The tech-heavy Nasdaq composite slipped 0.2% after the opening bell.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) exchange traded fund was down 0.2%, as the SPDR S&P 500 ETF (SPY) fell 0.3%.

The 10-year Treasury yield ticked higher to 4.23%. Further, oil prices paused after last week’s gains, as West Texas Intermediate futures climbed 0.3%, trading around $80.20 a barrel.

Stock Market Today: Nvidia, Super Micro Rally

AI giant Nvidia (NVDA) rallied more than 2% in morning trading, hitting record highs. Shares are more than 60% above a flat base’s 505.48 entry. Nvidia is an IBD Leaderboard stock.

Super Micro soared more than 15% Monday morning, while Deckers (DECK) jumped 4.2%. Late Friday, S&P Dow Jones indices announced the two companies’ stocks will be added to the S&P 500 index, replacing Whirlpool (WHR) and Zions Bancorp (ZION). Whirlpool and Zion both were modestly down.

On the economic front this week, highlights include Fed Chair Jerome Powell’s Wednesday’s speech and Friday’s February jobs report.

Key earnings movers Monday included Sea Limited (SE). Sea Limited shares surged more than 11% in early action.

The earnings calendar in the coming week is busy once again in the technology sector, as investors await earnings from GitLab (GTLB), CrowdStrike (CRWD), Broadcom (AVGO), MongoDB (MDB) and Samsara (IOT).

Dow Jones Rises

On Friday, the Nasdaq composite hit an all-time high as it ended the session up 1.1%. The fact that it finally topped its November 2021 high of 16,212 is an encouraging sign. It has now gained in 16 of the past 18 weeks and sits clear of all its