Stock Prices and Oil Fall in Sharpest Decline Since Early August
The S&P 500 and other major stock indexes experienced a significant decline on September 3, 2024, with the S&P 500 falling 2.1%, marking its largest single-day drop since early August. This downturn was influenced by a sharp drop in oil prices, which fell nearly 4%, as well as a notable decrease in Nvidia's stock, which dropped 9.5%. The market's recent rally faced pushback due to prevailing concerns about a slowdown in the U.S. economy, which may be highlighted in the upcoming Labor Department's jobs report for August. Investors are cautious as they await insights into the labor market's health, which could impact future Federal Reserve interest rate decisions.