The Virtus Equity & Convertible Income Fund (NIE) is experiencing downward pressure as U.S. stock indexes slip, trimming some of their significant gains for the year. The S&P 500 fell 0.5% in afternoon trading, while the Dow Jones Industrial Average dropped 343 points, or 0.8%, and the Nasdaq composite slipped 0.4%. A key factor contributing to this decline is the performance of Nvidia, which has been a major driver of Wall Street's record highs this year. Nvidia's stock fell 1.6%, marking its eighth loss in the last nine days, as its momentum slows. Additionally, Broadcom, another significant player, fell 6%, further weighing on the market. These declines are occurring amid expectations of a Federal Reserve interest rate cut, which could be tempered by stronger-than-expected economic data, potentially leading to a pause in rate cuts in January.
The current price of the Virtus Equity & Convertible Income Fund (NIE) is $24.25, reflecting a 0.78% decrease from the previous close.