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Stock market today: Indexes trade mixed after worst sell-off since August rout

Sep 4, 2024, 21:17 IST
Business Insider
TIMOTHY A. CLARY/Getty Images
  • US stocks were mixed on Wednesday after notching their worst losses since the big sell-off in early August.
  • Nvidia shares lost another 3% in early trades, weighing on the S&P 500 and the Nasdaq.
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US struggled to regain momentum on Wednesday after the market saw its worst loss since the early August sell-off in the previous session.

The Dow Jones Industrial Average edged up slightly, while the S&P 500 and the Nasdaq Composite were both lower, weighed down by shares of Nvidia. The chip titan shed another 3% after a report from Bloomberg that said the company was being probed by the US Department of Justice over antitrust concerns. The loss adds to Wednesday's decline of about 7% for the artificial intelligence darling.

"Have we seen peak-NVIDIA, or is this simply a healthy correction? Much depends on growth in generative AI, along with the ability of other chip makers to offer up some competition," David Morrison, a senior market analyst at Trade Nation, said in a note.

Traders, meanwhile, remain nervous about the possibility of a recession. All eyes will be on the August jobs report at the end of the week, but investors are already anticipating steep rate cuts from the Fed by year-end, per the CME FedWatch tool, a sign that they expect swift policy changes from the central bank to combat a weakening economy.

Bank of America said this week that a too-hot labor report was the biggest risk to stocks in the coming days, as any surprise strength in the employment picture could recalibrate the odds of deep rate cuts.

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Manufacturing data on Tuesday was weaker than expected, reigniting concerns that the economy is headed for a slowdown. Bond yields dipped on Wednesday, with the 10-year Treasury falling two basis points to 3.82%.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday:

Here's what else is going on:

In commodities, bonds, and crypto:

  • Oil futures inched lower. West Texas Intermediate crude oil dipped 0.6% to $69.90 a barrel. Brent crude, the international benchmark, was down 0.6% to $73.33 a barrel.
  • Gold dipped 0.15% to $2,489.36 an ounce.
  • The 10-year Treasury yield slipped two basis points to 3.82%.
  • Bitcoin dropped 4.53% to $56,568.
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