Stock Market News, Nov. 21, 2023: Nasdaq Closes Lower Ahead of Nvidia’s Earnings

Artificial intelligence remained in the spotlight Tuesday, with stocks closing lower ahead of Nvidia’s earnings. Read the day’s full markets roundup here.

Investors continued to watch the drama unfolding at OpenAI, where hundreds of staff are threatening to quit—and contemplated the implications for Microsoft and others.

The AI boom that powered the stock market higher for much of the year stalled this summer as Treasury yields surged. It had been regaining momentum in recent weeks before taking a breather Tuesday.

A look at Tuesday’s action:

Stocks slipped. The S&P 500, Nasdaq Composite and the Dow industrials ended lower. Tech shares were among the leading decliners.

Nvidia’s shares closed lower. They wavered in after-market trading following the release of its quarterly results.

Crypto prices fell after the founder of Binance agreed to plead guilty to violating criminal U.S. anti-money-laundering requirements.

A mixed bag of retail results drove stock moves. Shares of Lowe’s and Best Buy slid, while Dick’s Sporting Goods and Burlington Stores jumped.

Minutes from the Fed’s most recent meeting showed officials want more data on inflation before changing their stance on rates.

Treasurys held mostly steady. The benchmark 10-year yield slipped to settle at 4.417%. A 20-year bond auction drew strong demand Monday.

Existing home sales fell to a new 13-year low in October. Sales dropped a surprisingly large 4.1% from the prior month.

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