Nvidia's stock continues to face downward pressure amid mixed economic signals and broader market trends. The chipmaker's shares have been declining, influenced by its position below the 50-day moving average, a critical technical indicator. This decline has been exacerbated by the stock falling below a significant loss threshold, triggering a sell signal. The broader market environment, including lower openings for major indices like the Dow Jones, S&P 500, and Nasdaq, has also contributed to Nvidia's struggles. The market is reacting to November retail sales data and the anticipation of the Federal Reserve's policy meeting, which is expected to result in a rate cut, adding to the uncertainty.
The Graniteshares 2x Short NVDA Daily ETF (NVD) has responded to these developments by rising 3.42% to $35.34 as of 2:00 PM on Tuesday, December 17.