Stocks fall, Nvidia earnings, Meta layoffs: Top stories

Yahoo Finance Live's Akiko Fujita and Seana Smith break down the top stories of the day, including stocks falling amid debt ceiling negotiations, Nvidia earnings report, and Meta's third round of layoffs.

Video transcript

AKIKO FUJITA: Well, it's closing time here at Yahoo Finance. Let's get you caught up on some of the biggest headlines of the day. Stocks ending the day lower across the board. The Dow shedding more than 250 points as investors wait for some indication from Washington on the status of a debt deal.

JPMorgan economists estimate there's now a 25% chance that negotiators will not reach a deal to lift the debt limit by the so-called X date, which is the date the government will no longer be able to pay its bills.

SEANA SMITH: Nvidia's first quarter results handily topping analysts' expectations but it's the guidance that has investors very excited here. Nvidia estimates Q2 of revenue here will come in at about $11 billion plus or -2%. Wall Street was expecting $7.2 billion.

AKIKO FUJITA: And finally, Meta is undergoing its third round of layoffs, this one focusing on the company's various business groups. Part of the tech giant's plans to cut 10,000 jobs is part of what CEO Mark Zuckerberg is calling its year of efficiency.