Stock market today: Stocks erase gains, head for big weekly losses after jobs report

Published On Sep 6, 2024, 10:37 AM

U.S. stocks closed lower after a weak jobs report for August, which indicated slower job growth and highlighted persistent labor market challenges. The report showed only 142,000 jobs were added, below the expected 165,000, leading to speculation of a potential interest rate cut by the Federal Reserve. The tech sector, particularly semiconductor stocks like Nvidia and Broadcom, suffered losses, with concerns growing about a cooling economy and earnings expectations being revised downward. Overall, it was a challenging week for the stock market, especially for tech stocks which marked their worst week since June 2022.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Negative

With the anticipated interest rate cuts by the Federal Reserve, investments in sectors negatively impacted by rate hikes, such as technology, may rebound. However, given the recent tech sector declines, particularly in semiconductor companies, caution is advised as the sector faces a cooling demand outlook. Nvidia, impacted by this sector trend, may experience continued volatility in the short term as market sentiment adjusts.

AVGOView AVGO chart on TradingView

Negative

Broadcom's significant stock decline, following a lackluster sales forecast, suggests continued pressure on semiconductor stocks. This trend might persist as investors reassess the growth narrative in the tech sector, especially for companies reliant on AI and cloud infrastructure spending.

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