Nvidia owes its Q1 revenue beat to the gamers

A listless day for US stocks turned into a bit of a sell-off late in the session after a report that the White House told chip software companies to halt sales to clients in China.

The S&P 500 closed down 0.6%, the Nasdaq 100 gave back 0.5%, and the Russell 2000 fell 1.1%.

Every S&P 500 sector fell outside of real estate, which was flat. Materials and energy were the worst performers.

Cadence and Synopsys slid about 11% on the report regarding chip software design sales to China, while Nvidia erased its pre-earnings gains. On the flip side, Fair Isaac and Warner Bros. Discovery were among the day’s top S&P 500 gainers. Elsewhere…

Abercrombie & Fitch soared as much as 30% after posting strong Q1 results, but the Zillennial-favorite retailer cut its full-year outlook and flagged $50 million in tariff-related costs.

Air taxi maker Joby Aviation also saw its stock surge 28% after announcing a $250 million investment from the world’s largest automaker, Toyota.

Shares of Dick’s Sporting Goods ticked up nearly 2% after the sportswear retailer topped Q1 estimates and reaffirmed its full-year outlook.

Stellantis shares fell 3% after the world’s No. 4 biggest automaker named ex-Jeep boss Antonio Filosa as its new CEO, as sales continue to slow in the US.

Shares of Rocket Lab jumped as much as 5%, before closing largely flat, after Stifel analysts upped their price targets on the stock and competitor SpaceX suffered its latest failure.