Finance

Despite reporting quarterly profit and revenue that exceeded analyst expectations, Nvidia’s stock struggled for direction, oscillating between gains and losses. The chipmaker's blowout report was insufficient to lift the wider technology sector, which remained weighed down by a cooling of the artificial intelligence boom and broader macroeconomic concerns.

Walmart shares suffered a significant decline after the retailer provided a cautious outlook for the remainder of the year that missed analyst estimates. Conversely, TJX Companies and Lowe’s reported stronger-than-expected first-quarter results, although the overall sector faced headwinds from persistent price pressures and sluggish services demand.

New data revealed that first-time unemployment claims fell to 209,000, signaling continued strength in the US labor market despite a growing number of job cuts in the technology industry. Major firms like Intuit have announced significant workforce reductions, even as other sectors such as healthcare and retail continue to add positions.