Slowdown Déjà Vu Rattles the Markets

Published On Sep 4, 2024, 7:30 AM

Investors are concerned about a potential economic slowdown in the U.S., leading to a significant drop in stock markets, particularly in technology shares like Nvidia, which fell 9.5% in a single day. This decline, which wiped out $279 billion in market cap for Nvidia, contributed to a 3.3% drop in the Nasdaq Composite. Global markets are also showing negative trends, with oil prices and Bitcoin values decreasing as investors react to weak manufacturing data and anticipate a crucial jobs report coming later this week. Economists believe a recession is unlikely but are worried about slow growth, and any negative results from upcoming employment figures could influence Federal Reserve decisions on interest rates.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Negative

Nvidia's significant stock drop raises concerns about the overall health of the semiconductor market and AI sector, which could continue to face volatility. Given its large one-day decline, further negative sentiment is likely to follow unless there is positive news or data counteracting these fears.

QQQView QQQ chart on TradingView

Negative

Markets are likely to remain volatile as investors await the jobs report, and any disappointing data could lead to further sell-offs in tech stocks, potentially impacting ETFs related to technology and AI investments.

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