The tech-heavy Nasdaq took off like a rocket this morning, and took semiconductor stock Nvidia (NASDAQ: NVDA) along for the ride. Just after noon ET, however, the rally started to sputter, and by the time trading for the day was done, not only had the Nasdaq given up all its gains, but Nvidia stock closed down 3.7% for the day. In the case of the Nasdaq as a whole, I fear that investors may have jumped the gun, presuming that after the Nasdaq met the definition for a stock market correction (down 10% from its high), the light would turn green for tech stocks to resume marching higher again.
Today's Research Daily features new research reports on 16 major stocks, including NVIDIA Corporation (NVDA), Chevron Corporation (CVX), and Accenture plc (ACN).
Nvidia (NASDAQ: NVDA) may be down 22% from its 52-week high, but shares of the semiconductor stock have doubled over the past year. In contrast, the S&P 500 is up a measly 109% in the past five years, meaning had someone invested $10,000 in Nvidia shares back then, they would be sitting on well over $100,000 today versus a $20,000 or so gain in the index. Is it too late to buy Nvidia stock now?