U.S. Market Slump Led by Nvidia Sparks Global Sell-Off

Published On Sep 3, 2024, 11:34 PM

Global stock markets have faced another day of turmoil, particularly affecting technology stocks. This downturn began in the U.S. and spread to Asia and Europe, impacting major indexes. The S&P 500 saw minor fluctuations, ultimately dropping around 0.2% on Wednesday, following a previous drop of over 2%. Nvidia, a key player in the tech sector, experienced a significant loss, with a decline of nearly 10% the prior day, amounting to a market value loss of about $279 billion. Additionally, the U.S. labor market appears to be cooling, as reflected in the recent drop in job openings to 7.7 million, which heightened investor anxiety about the economy. The Treasury yields fell as traders foresee a potential interest rate cut from the Federal Reserve in their upcoming meeting.