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Notre-Dame Cathedral Reborn: A Testament to Resilience and Restoration

  After five years of meticulous reconstruction, the iconic Notre-Dame Cathedral is set to reopen its doors to the public on December 8, 2024. The reopening ceremony will take place on December 7, marking a significant milestone in the cathedral's history. The fire on April 15, 2019, caused extensive damage to the historic cathedral, collapsing its iconic spire and causing significant harm to its roof, stained-glass windows, and interior artworks. Despite initial doubts and estimates that the restoration could take up to 40 years, French President Emmanuel Macron's ambitious goal to complete the reconstruction within five years has been achieved. The restoration project, costing around $737 million, was funded by donations from 340,000 individuals across 150 countries. The project involved the efforts of 2,000 artisans and 250 companies, who worked tirelessly to restore the cathedral to its former glory. The new roof and spire have been built using 1,500 trees, including the ta...
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Stock Market Today: Tech-Heavy Nasdaq Composite Slides as Nvidia (NVDA) Falls Almost 4%

 Nvidia

In today’s volatile stock market, tech stocks took center stage as the Nasdaq Composite (^IXIC) led the losses, falling over 1%. Among the tech giants, Nvidia (NVDA) experienced a notable decline, dropping almost 4%. Here’s a closer look at the market action and the factors driving the slide.

Interest Rate Worries and Corporate Earnings

US stocks struggled to mount a comeback on Wednesday, with all three major indexes starting the day in the green but ultimately ending lower. The S&P 500 (^GSPC) closed down about 0.6%, while the Dow Jones Industrial Average (^DJI) lost a more modest 0.1%. The tech-heavy Nasdaq Composite bore the brunt of the decline, driven by Big Tech companies.

Nvidia’s Slide

Nvidia, a leading graphics chip maker, saw its shares tumble 4.4% on Tuesday, marking its steepest decline since October. The company’s stock has been volatile recently, reflecting broader concerns about inflation, interest rates, and geopolitical tensions. Despite its consistently improving fundamental outlook, Nvidia faced headwinds in the current market environment.

Tech Sector Performance

The tech sector (XLK) was the worst-performing sector in the S&P 500, falling nearly 1.5%. Investors remain cautious due to heightened tensions in the Middle East and uncertainty surrounding the timing and depth of rate cuts. Federal Reserve Chair Jerome Powell’s downbeat comments on inflation prompted some to recalibrate their bets on a rate cut, potentially pushing it from September to December.

Earnings Season and Market Outlook

Investors are closely watching earnings season for signs of strength and growth. Robust results from big banks signaled a return to Wall Street’s strength, but individual company performance remains critical. United Airlines (UAL) shares rose more than 17% after posting a revenue beat, while ASML (ASML), the largest supplier of equipment to chipmakers worldwide, fell more than 7% in New York after missing order estimates.

S&P 500’s Four-Day Losing Streak

The S&P 500 closed lower for a fourth-straight day, marking its first four-day losing streak since late December into the start of 2024. The market action has been whipsawed, reflecting the “bumpier path” ahead that some Wall Street strategists anticipate. In each of the last four sessions, the S&P 500 has closed at least 0.5% lower than its session-high, reminiscent of the October 2023 bottom.

Trending Tickers

On Wednesday, Arm Holdings (ARM) led the Yahoo Finance trending tickers page as shares fell nearly 10% amid a broader sell-off in chip stocks. Nvidia (NVDA) also saw its shares fall more than 2% on the news. Meanwhile, United Airlines (UAL) stock rose more than 16% after reporting a narrower-than-expected loss for the first quarter.

In summary, tech stocks, including Nvidia, faced headwinds in today’s market, and investors are closely monitoring earnings season for further direction. The Nasdaq Composite’s slide highlights the sector’s sensitivity to economic and geopolitical developments. Stay tuned for more updates as the market continues to navigate these challenges.

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