Stock market close: Nasdaq reverses lower as the consumer crunched

<p>An ugly reversal in Nvidia is the headline in the Nasdaq as it finished 1.9% and fell more than 3% from the highs. The chart is a technical red flag with a big outside day; and worse is that it came on ostensibly good news.</p><p>A look at the winners and losers highlights what the story is beneath the story. The laggard on the Nasdaq today was DollarTree, which fell 12.9%. The company said that consumers' spending shifted to buying food and essentials in a sign of economic weakness, particularly at the low end. That's something that other retailers have also highlighted.</p><p>Another sure sign of consumer weakness is Nike, which is down an unprecedented 12 days in a row.</p><p>Another red flag for consumers is shares of Disney, which fell 4% to a 9-year closing low.</p><p>Closing changes for the main indexes:</p><ul><li>S&amp;P 500 down 60 points, or 1.4%</li><li>Nasdaq Comp -1.9%</li><li>Russell 2000 -1.1%</li><li>DJIA -1.1%</li><li>Toronto TSX Comp -0.5%</li></ul>

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