Nvidia Loses $115 Billion in Single Day as Kohl’s Stock Soars in Wall Street

The improving macro backdrop helped all three major U.S. indexes finish the day in positive territory. 

The Dow Jones Industrial Average jumped 1.4%, adding about 660 points in its strongest single-day performance in three months. The S&P 500 advanced 0.9%, marking its third consecutive day of gains.

The Nasdaq Composite climbed 0.7% and reclaimed the 23,000 level, though its rise was capped by a sharp pullback in shares of Nvidia. Meanwhile, the market’s so-called fear gauge extended its decline for a third straight session, closing at its lowest level in nearly two weeks.

Trading volume across U.S. exchanges slipped to 16.7 billion shares, below the 20-day average of 19.8 billion.

Nvidia was the session’s standout loser. The chipmaker’s stock fell 2.6% to its weakest close in two months, erasing a staggering $115 billion in market value in a single day. The drop followed reports that Meta is in talks to adopt Google’s artificial intelligence chips in its data centers starting in 2027, while also planning to lease Google Cloud’s AI hardware beginning next year. 

The development raised concerns about Nvidia’s long-term dominance in the AI chip market at a moment when demand for accelerated computing remains fiercely competitive.

Meta, by contrast, surged 3.8% on the day, lifting its market capitalization to $1.6 trillion and making it the world’s seventh-largest company. Alphabet also extended its momentum, rising 1.6% to bring its market value to roughly $3.9 trillion, edging closer to the elite circle of companies valued at four trillion dollars.

The day’s most dramatic move belonged to Kohl’s, whose stock skyrocketed 42% in its strongest single-session gain since the company went public in 1992. The rally followed the retailer’s decision to sharply raise its full-year profit outlook. 

Kohl’s, which operates the in-store Sephora beauty shops, now expects adjusted earnings per share for fiscal 2025 to fall between $1.25 and $1.45, a substantial upward revision from its prior forecast of 50 to 80 cents. The announcement electrified traders and underscored investors’ appetite for retail names able to navigate a cooling economic environment with stronger-than-anticipated profitability.

The session highlighted both the fragility and fervor of investor sentiment in late November: tech giants shifting alliances, retail names rebounding with force, and a market that is increasingly confident the Federal Reserve may finally be ready to ease its grip after two years of aggressive tightening.