Joseph Adinolfi is a markets reporter at MarketWatch.
Can the S&P 500 index and Nasdaq Composite hold on to their 2023 gains if Nvidia Corp. falls? It’s a question that’s cropping up more and more these days.
Nvidia shares are up more than 179% since Jan. 1, according to FactSet data, the biggest gain of any S&P 500 stock, and its percentage gain is more than twice that of the next-best performer among the so-called “Magnificent Seven”— Facebook owner Meta Platforms Inc META, +2.02%. Now, Jonathan Krinsky, chief market technician at BTIG, in a note to clients shared with MarketWatch. believes Nvidia is poised to continue to slide during the three weeks until its upcoming earnings report, set for Nov. 21, potentially taking the rest of the market with it.
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