Nasdaq, S&P slip as sluggish September start continues

Published On Sep 4, 2024, 4:08 PM

US stocks displayed mixed performance, with the Dow Jones rising while the S&P 500 and Nasdaq fell slightly. The market struggled following a sharp sell-off driven by economic growth concerns, particularly after Nvidia lost significant market value amid an antitrust investigation. Recent labor market data showed job openings at a new low, which has fueled expectations that the Federal Reserve may cut interest rates, benefiting bond markets but contributing to stock volatility. Investors are now bracing for a tumultuous September, historically a challenging month for stocks.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Negative

Nvidia's stock is under pressure due to regulatory issues and disappointing market performance, leading to a cautious outlook. Other tech stocks may also feel the pullback as investors rotate towards more economically sensitive sectors.

XLPView XLP chart on TradingView

Positive

The strong performance of Utilities and Consumer Staples suggests that these sectors are in favor as investors seek stability amid economic uncertainty. This trend may continue if rate cuts are repriced into the market.

XLFView XLF chart on TradingView

Positive

With signs of rate cuts looming, the Financial and Industrial sectors may benefit as investors shift focus to cyclicals that typically perform well in an expanding economy.

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