S&P 500 struggles as Nvidia reverses hard after hitting a record high

US stock markets opened higher but have quickly been hit by heavy profit taking. The S&P 500 is now down 45 points, or 0.7%.

The big drag is coming from Nvidia, which was trading higher by 3% in the pre-market and opened at a record high following a keynote speech from CEO Jensen Huang yesterday.

Heavy profit-taking took place at the open and shares are now down 5.5%.

Shares of Tesla are also struggling in a 4.4% fall after a downgrade.

This article was written by Adam Button at www.forexlive.com.