Stock market today: US futures retreat as Fed watchers focus on labor market

Published On Sep 3, 2024, 7:02 AM

On the first trading day of September, US stock markets began with a significant decline. The Dow Jones fell over 600 points (1.5%), the S&P 500 dropped by 2.1%, and the Nasdaq Composite experienced a sharp 3.3% fall. This slump was largely driven by a sell-off in tech stocks, particularly Nvidia, which saw a near 10% decline following a disappointing earnings report. Other semiconductor stocks such as Broadcom, Qualcomm, and Taiwan Semiconductor also suffered similar losses. Investors are cautious as they await critical economic data, including the jobs report on Friday, which could influence Federal Reserve interest rate decisions amid concerns of a broader economic slowdown.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Negative

With the sharp decline in Nvidia and other tech stocks, the sentiment in the tech sector appears to be bearish. As investors react to economic indicators suggesting a potential slowdown, the downward pressure on tech stocks, particularly those linked with AI, may continue unless there are positive surprises in upcoming economic data.

SPYView SPY chart on TradingView

Negative

Given the overall market decline and the concerns about an economic slowdown indicated by recent data, broader market ETFs may face challenges. The significant sell-off, particularly in tech stocks, is likely to impact market indices negatively.

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