Moovin Stonks | Nvidia, Boeing, and Semis Lead Full Market Pull Back to Start Sept.
![Moovin Stonks | Nvidia, Boeing, and Semis Lead Full Market Pull Back to Start Sept.](https://ussnsimg.moomoo.com/sns_client_feed/73649557/20240823/1724422520077-e56ab9451d.png/big?area=100&is_public=true)
Good morning, traders. Happy Tuesday, September 3rd. The market is pulling back after a holiday weekend, after the month of August ended with all indexes in the positive, despite starting with a pullback. From near all time highs Semiconductor stocks are leading stocks lower.
My name is Kevin Travers; here are stories moving on the U.S. stock market today.
$Boeing (BA.US)$ shares slumped 8.33% Tuesday, the lowest on the S&P 500 and Dow after news 32k workers in Washington State may launch the firms first strike in 16 years. According to the union leader, the outlook is not good: if the contract between Boeing and the International Association of Machinists expires without an agreement September 12, the union will strike.
$Intel (INTC.US)$ was falling again, down about 6% following a month of losses. The stock climbed last week on M&A news, but Tuesday analysts wrote that the Dow stock selection committee could consider kicking Intel off the index.
$Unity Software (U.US)$ shares were one of the few signs of green in the market, climbing 9% after a Morgan Stanley upgrade. The game building software firm recently introduced a fee for creators that could push earnings projections higher, MS said in a note.
In earnings, investors await $Zscaler (ZS.US)$ and $Gitlab (GTLB.US)$ Tuesday, $Dick's Sporting Goods (DKS.US)$ and $Dollar Tree (DLTR.US)$ Wednesday, and tech giants $Broadcom (AVGO.US)$ and $DocuSign (DOCU.US)$ Thursday.
Within industries tracked by moomoo, $NVIDIA (NVDA.US)$ led the way lower for Semiconductors, falling 8%. $Taiwan Semiconductor (TSM.US)$ fell 6%, Intel fell, $Arm Holdings (ARM.US)$, $Micron Technology (MU.US)$, and $ON Semiconductor (ON.US)$ all fell 5%. The entire industry sector pulled back 7%, mirroring its 7% drop to start August nearly exactly.
![Moovin Stonks | Nvidia, Boeing, and Semis Lead Full Market Pull Back to Start Sept.](https://ussnsimg.moomoo.com/sns_client_feed/73649557/20240903/1725375794234-f530c1bc7b.png/big?area=100&is_public=true)
$Crude Oil Futures(OCT4) (CLmain.US)$ pulled back 4%, $Bitcoin (BTC.CC)$ fell to $57k, Gold pulled back from its high. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ both fell.
Just past 11 am ET the $S&P 500 Index (.SPX.US)$ traded -1.40%, the $Dow Jones Industrial Average (.DJI.US)$ fell 1.05%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 2.21%.
In macroeconomics this week, investors are awaiting initial and continuing jobless claims figures from the Department of Labor Statistics Thursday, and the Unemployment rate and nonfarm payrolls from the Bureau of Labor Statistics Friday. The market is watching for signs of labor softness that could hurt stock prices, but help the chances of an FOMC rate cut during the committee's upcoming September 17-18 meeting.
Tuesday, both the S&P PMI and ISM PMI index numbers came out lower than estimated, with ISM at 47.2 vs 47.5 and S&P at 47.9 vs 48, compared to last months 46.8 and 49.6 respectively.
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Users watched as semiconductor stocks like Micron fell after Nvidia earnings, and will pick through downward spikes Tuesday as the market opened.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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LittleSoldier : Not a good start.
Clement Lemons : okk
Alen Kok : o
103998930 : When the Fed cuts, stocks go up.. so we should not just believe "historical data" because inflation comes once in a few decades
103539497 : hi
104166257 : hi
101550592 :![ok_hand 👌](https://static.moomoo.com/nnq/emoji/static/image/img-apple-64/1f44c.png)
Space Dust 103998930 : to whom may we attribute the " stocks go up after a cut"?
.
would look at today's dynamics, after multiple ATYPICAL EVENTS through a standard lens?
perhaps " inflation". isn't alone, war?. G..O.. politics.
where are those that