Stock market today: Stocks claw back after tough September start

Published On Sep 4, 2024, 11:08 AM

US stocks traded mixed on Wednesday following a significant sell-off due to economic growth concerns. The S&P 500 and Nasdaq both fell slightly, while the Dow Jones rose marginally. Key issues included a drop in Nvidia shares amid an antitrust investigation, which raised concerns about the AI sector's growth. However, fresh labor market data indicating lower job openings led to increased expectations for interest rate cuts by the Federal Reserve, which energized some sectors like Consumer Staples and Utilities. Despite some short-term volatility, the market showed resilience following broader participation and sector rotation beyond tech stocks.

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Stock Forecasts

XLPView XLP chart on TradingView

Positive

Despite the mixed signals in the market, the rise in Consumer Staples and Utilities, alongside the potential for interest rate cuts, suggests a more resilient economic environment. Companies in these sectors are likely to benefit as defensive strategies gain traction amid uncertainty.

XView X chart on TradingView

Negative

The steep drop in United States Steel Corporation's shares due to the news of a blocked acquisition indicates negative sentiment for the stock in the near term. Investors may want to exercise caution amidst regulatory scrutiny.

NVDAView NVDA chart on TradingView

Negative

Nvidia's ongoing struggles amid increased regulatory scrutiny could negatively impact investor confidence and the tech sector as a whole, especially if the company's stock doesn't recover soon.

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