Nvidia stock broke below its 200-day moving average for the first time in a year, marking a critical technical shift. The decline followed the GTC event, which failed to stabilize investor sentiment despite CEO Jensen Huang’s bullish forecast for Blackwell and Rubin product lines driving up to $1 trillion in data center revenue by 2027.
NVDA traded near $172, down 3.5% on the day, approaching key support at $170. The move signals a potential trend reversal after more than a year of trading above the long-term average since May 2025.
Broader markets reacted to escalating geopolitical tensions and shifting monetary policy expectations. Crude prices surged past $105 for Brent and $99 for US oil, fueling inflation fears. February CPI rose 0.3% month-over-month and 2.4% annually, while producer prices jumped 0.7%-the largest increase in seven months.
The Fed held rates steady on March 18, citing uncertainty linked to Middle East developments. Rate futures now imply no cuts before mid-2027. This environment pressured equities: the S&P 500 near 6,495 and Nasdaq Composite near 21,535, both down nearly 7% and 9% respectively from February peaks.