Nvidia stock soared 150% through the first half of 2024, but it has been in a slump since mid-July. Nvidia is gearing up to ship high volumes of its new Blackwell artificial intelligence (AI) data center chips.

On Wednesday, the Federal Reserve trimmed interest rates aggressively and penciled in further rate cuts by the end of the year. It slashed the benchmark interest rate by a half-point to 4.75-5% for the first time since March 2020.