Stocks retreat as huge jobs report looms

Published On Sep 3, 2024, 9:37 AM

September has begun with a significant downturn in the stock market, particularly affecting technology stocks, which have struggled to gain traction after a volatile August. Nvidia's stock plummeted nearly 10% amid disappointing earnings results and uncertainty around the AI sector. Broader market indices like the Dow, S&P 500, and Nasdaq Composite all registered sharp declines. Investors are now focused on upcoming labor market data that could influence Federal Reserve decisions on interest rates, particularly the anticipated jobs report due this week. The market is apprehensive about the potential for economic slowdown, as evidenced by recent weak economic indicators and sector performance.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Negative

Nvidia has demonstrated a significant decline following disappointing earnings and current market anxieties, leading to cautious sentiment around AI-related investments. With major downward pressure and ongoing concerns, the stock price is likely to continue its negative trend until clarity about the AI market's future is established.

SPYView SPY chart on TradingView

Negative

The broader market is likely to face continued pressure from the apprehension surrounding economic indicators and impending labor data. This suggests a general bearish outlook for September potentially leading into further declines across primary indices unless there are encouraging signs from the forthcoming economic reports.

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