S&P 500 Gains and Losses Today: Chipmaker Shares Drop Amid Tightening Export Rules

By
Bill McColl
Bill McColl
Full Bio

Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

Learn about our editorial policies
Published October 17, 2023
A chart that shows the companies in the S&P 500 whose stock gained and loss the most on Oct. 17, 2023.

Investopedia

Key Takeaways

  • The S&P 500 dipped 0.01% on Tuesday, Oct. 17, 2023, as retail sales jumped more than expected in September, renewing concerns about more Federal Reserve rate hikes.
  • Shares of Nvidia and other semiconductor companies lost ground as the U.S. planned tougher restrictions on sending AI chips to China.
  • VF Corp. shares skyrocketed after activist investor Engaged Capital took a major stake in the apparel retailer and spelled out a new strategy to increase VF's value.

U.S. equities indexes were mixed and little changed on Tuesday following new earnings releases and after the Commerce Department reported that September retail sales were much higher than estimates.

The higher-than-expected retail sales renewed concerns that the Federal Reserve could continue boosting interest rates to bring down inflation. The S&P 500 closed 0.01% lower. The retail report also helped send the yield on the 10-year Treasury note up 13 basis points (bps).

Nvidia (NVDA) shares dipped 4.7%, and shares of other semiconductor makers were also down after President Joe Biden's administration said it would impose tougher restrictions on exports of artificial intelligence (AI) chips to China.

Moderna (MRNA) shares sank 6.1%, and shares of rival COVID-19 vaccine makers tumbled as well when Johnson & Johnson (JNJ) became the latest pharmaceutical company to report that demand for the shots was slowing. JNJ shares dropped 0.9%.

VF Corp. (VFC) shares soared 14% as activist investor Engaged Capital took a major stake in the owner of the Vans and North Face brands, laying out plans to boost the company's value.

Along with bonds, the retail report helped lift shares of discount store chains Dollar Tree (DLTR) and Dollar General (DG), which rose 4.8% and 3.3%, respectively.

Bank of America (BAC) posted better-than-expected profits and sales as it benefited from higher interest rates, and shares rose 2.3%.

Do you have a news tip for Investopedia reporters? Please email us at
Compare Accounts
×
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.
Provider
Name
Description