Stock Market Today, March 27: Nvidia Slides as Valuation Drops Below S&P 500 on Forward Earnings

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NASDAQ: NVDA

Nvidia

Today’s Change

(-2.17%) $-3.72

Current Price

$167.52

Key Data Points

Market Cap

$4.2T

Day’s Range

$167.01 - $170.97

52wk Range

$86.62 - $212.19

Volume

195M

Avg Vol

177M

Gross Margin

71.07%

Dividend Yield

0.02%

Nvidia (NVDA 2.17%), leading GPU and AI computing platforms developer, closed Friday’s session at $167.46, down 2.21%. The stock moved as investors weighed reports of Nvidia valuation dipping below the S&P 500’s forward price-to-earnings (P/E) ratio for the first time in years. That comes as investors also weigh recent new product optimism and ongoing geopolitical supply-chain risks. They are watching how quickly AI demand can translate into renewed share-price momentum.
Trading volume reached 194.1 million shares, coming in nearly 9.9% above its three-month average of 176.6 million shares. Nvidia IPO’d in 1999 and has grown 408,171% since going public.

How the markets moved today

The** S&P 500** (^GSPC 1.67%) fell 1.57% to 6,376, while the Nasdaq Composite (^IXIC 2.15%) lost 2.15% to finish at 20,948. Among semiconductors, industry rivals Advanced Micro Devices (AMD 0.79%) closed at $201.99, down 0.87%, and Intel (INTC 2.20%) finished at $43.13, slipping 2.20% as investors reassessed AI hardware valuations.

What this means for investors

Investors may have a difficult time accepting a stock that has rocketed 1,200% higher over the last five years could be considered “cheap.” Yet that’s what industry followers are acknowledging now that Nvidia’s P/E, based on expected 2026 earnings, has dropped to about 20.

That’s near its lowest level in five years and is below that of the S&P 500 index. The company’s AI growth prospects still remain strong, too, after new products were announced at its recent GTC 2026 event.

Supply chain risks remain, but investors who have been monitoring Nvidia’s stock price should consider buying now.