Chip stocks' slide nears $5 trillion as Nvidia hits most extreme selling level since 2019

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It took five minutes for Tuesday's hot inflation report to knock stocks lower, and chip stocks struggled to hold an early rebound. Nvidia (NVDA) hasn't been sold this hard, this fast since 2019, but the typical S&P 500 stock is barely down. The S&P 500 (^GSPC) was down nearly 1% midday Tuesday, shedding about $500 billion in market value according to Yahoo Finance calculations, while the PHLX Semiconductor Index (^SOX) fell more than 1%. The equal-weighted S&P 500 (^SPXEW), which gives every company the same weight, was down only about 0.2%. Nvidia fell about 6%, slicing through the $170 level chart watchers flagged, and is on track for its lowest close since March 30 as the scandal surrounding CEO Jensen Huang drags on.