Nvidia leads Nasdaq sell-off in brutal start to September
Published On Sep 3, 2024, 4:07 PM
Stocks began September with sharp declines, with the Dow down 1.5% and the S&P 500 dropping 2.1%. Nvidia led the way down for tech stocks, falling nearly 10% after disappointing earnings and concerns over the future of the AI sector. Other semiconductor stocks like Broadcom, Qualcomm, and TSM also fell significantly. Investors are now looking toward an upcoming jobs report that could influence Federal Reserve interest rate decisions. There are concerns of a broader economic slowdown as manufacturing activity indicates contraction, and construction spending declined unexpectedly. The overall sentiment is cautious, with many stocks in the red amid fears of data shocks and presidential election volatility affecting the markets.