Nvidia Stock Enters Correction Territory After 16% Drop, $500 Billion Market Cap Loss in 3 Days

Jun 24, 2024, 07:56 PM

Nvidia's stock has entered correction territory following a significant sell-off by insiders and a sharp decline in its market value. Over the past three trading sessions, Nvidia's shares have fallen by 16%, resulting in a loss of approximately $500 billion in market capitalization. This drop has brought the stock below its post-split price and has been driven by a lack of insider buying, with insiders selling $427 million worth of shares in the last month. The stock slipped 1.2% premarket following a 6.8% drop over the past two sessions, marking its worst three-day performance since December 2022. The decline has also impacted the broader market, with the Nasdaq Composite and S&P 500 experiencing declines. Despite the recent downturn, Nvidia's stock remains up 130% year-to-date.