Stock market today: Dow falls as Nvidia shine fails to stop tech rout; Powell eyed

Investing.com -- The Dow closed lower Thursday, sidestepping a rip-roaring move higher in Nvidia (NASDAQ:NVDA) as investors remain wary of making bullish bets a day ahead of potential clues on monetary policy from Federal Reserve chairman Jerome Powell at the upcoming Jackson Hole symposium.

The Dow Jones Industrial Average fell 1%, or 354 points, the S&P 500 fell 1.2%, Nasdaq was down 1.7%.

Nvidia's shine not enough to lift big tech

Nvidia rallied to an all-time high before giving back some gains even as Wall Street cheered the chipmaker's blowout results and guidance.

The chipmaker's third-quarter revenue guidance of $16 billion was well ahead of expectations for $12B as the growth was bolstered by AI-led chip demand.

But the rally in Nvidia failed to lift big tech as investor appetite for bullish bets on the sector was kept in check by rising Treasury yields ahead of a speech from Powell on Friday

Apple (NASDAQ:AAPL), Alphabet (NASDAQ:GOOGL), Meta (NASDAQ:META), and Microsoft (NASDAQ:MSFT) were down around 2%.

Boeing stumbles on 737 Max delays

Aircraft maker Boeing (NYSE:BA), a major Dow component, fell more than 4% after the aircraft maker said it would delay 737 Max deliveries owing to fresh manufacturing flows.

Autodesk, Splunk rack up gains on earning stage

Autodesk (NASDAQ:ADSK) delivered upbeat guidance, after second-quarter results beat expectations amid strong demand for design software.

The design software company said its end-market exposure "remains well-positioned to support several years of digitization momentum.

Splunk (NASDAQ:SPLK), meanwhile, also delivered guidance that topped Wall Street's estimates as ongoing demand for cybersecurity posted performance.

The cybersecurity and analytics company guided third-quarter revenue between $1.02B and $1.035B, topping estimates of $982M.

Fresh signs labor market remains robust

U.S. jobless claims fell more than expected last week, stoking ongoing fears about a tight labor market and a threat to wage inflation.

Jobless claims fell to 230,000, a three-week low and more than forecasts of 240,000.

"The claims data do not show any real evidence of a pickup in layoff activity, but the lack of supply of available labor makes it increasingly difficult to find to fill open positions," Jefferies said in a note.