Dow, S&P 500 continue September swoon ahead of pivotal jobs report

Published On Sep 5, 2024, 4:02 PM

U.S. stocks experienced fluctuations on Thursday as investors reacted to disappointing labor market data, with the S&P 500 dropping 0.3%, the Dow down 0.5%, and a mixed performance from the Nasdaq. Private sector job growth was significantly below expectations, with only 99,000 jobs added in August, the lowest since January 2021. This could impact expectations for interest rate cuts by the Federal Reserve, with traders seeing mixed potential for a rate reduction in the near term. The data raises concerns about whether the U.S. is heading towards a recession. Additionally, C3.ai's stock fell sharply due to poor subscription revenue, while Tesla's shares gained on plans for FSD software in Europe and China.

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Stock Forecasts

TSLAView TSLA chart on TradingView

Positive

Tesla's continued push to launch its Full Self-Driving software despite regulatory hurdles presents a positive outlook as it positions itself for market expansion, especially in high-potential regions like Europe and China.

AIView AI chart on TradingView

Negative

C3.ai's significant drop in share price following disappointing earnings points to potential continued weakness in the AI sector as investor expectations recalibrate to more sustainable growth rates.

HPEView HPE chart on TradingView

Negative

Given the disappointing results from HPE, its stock may struggle to recover immediately as investors reassess profitability expectations in an increasingly challenging tech environment.

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