Nvidia (NVDA) shares are falling, dragging down the Nasdaq

Nvidia (NASDAQ:NVDA) the stock goes down and the company’s decline takes the rest with it Nasdaq Composite with this.

As of this writing, NVDA stock is down 4.4%. This caused the Nasdaq Composite to decline 0.22% on Monday afternoon.

This is worth paying attention to because it is the only one of the three major exchanges that is down today. The S&P500 increased by 0.31%, a Dow Jones Industrial Average increased by 0.85% at the same time.

Investors will also notice that this is the third straight day of trading that NVDA shares have fallen. This may mean that the shares lose some of the steam acquired in the first half of 2024.

What’s hitting NVDA stock?

It’s not that specific news is dragging NVDA stock down today, but that market sentiment is shifting away from AI (artificial intelligence) business. This comes at a time when other concerns are in the spotlight, such as the 2024 presidential election and the upcoming release of the Personal Consumption Expenditures (PCE) Index.

It’s also worth noting that despite these recent declines, Wall Street remains positive on Nvidia. This may mean that the slippages seen over the last few days are not a cause for concern for traders.

After all, NVDA stock is up 151.2% since the beginning of the year.

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As of the date of publication, William White did not hold (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com Publishing guidelines.