Nasdaq slides as September swoon continues

Published On Sep 4, 2024, 9:34 AM

On Wednesday, US stocks displayed a mixed performance following the previous day's steep sell-off due to economic growth concerns. The S&P 500 and Nasdaq fell around 0.2% and 0.3% respectively, while the Dow Jones gained about 0.1%. The sell-off was partly triggered by a significant drop in Nvidia's market value, exacerbated by escalated antitrust scrutiny. However, better-than-expected labor data provided some hope for interest rate cuts later in the year. The market is currently grappling with volatility as analysts anticipate a historically challenging September, despite signs of some sectors gaining strength by betting on a declining interest rate environment. Additionally, certain sectors such as Utilities and Consumer Staples are gaining traction amid economic uncertainty and falling bond yields.