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Tesla
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NVIDIA
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Advanced Micro Devices
-- 119.210 QUBT
Quantum Computing
-- 17.620 
Moovin Stonks | Nvidia, Tesla, Broadcom Fall, Market Dips Friday
Good morning, traders. Happy Friday, September 6th. The market declined Friday morning, ending a short but volatile week for stocks: September started with a pullback. The S&P 500 fell below the historic 5,500 point mark Thursday, a level reached in June, broken through with an August pullback, and now hit again in the first sessions of September.
My name is Kevin Travers; here is a round-up of stories moving on the U.S. stock market today.
$Broadcom (AVGO.US)$ fell 9% after reporting earnings Thursday. AI revenue remains "strong," Morgan Stanley said Friday in a note to investors about the stock, but it was not enough. The company posted quarterly results Thursday that topped Wall Street's estimates but forecast current-quarter sales that fell shy of expectations.
$Super Micro Computer (SMCI.US)$ fell 5% Friday, after a JPM analyst cut from Neutral to Overweight and slashed their price target to $500 from $950. August was the stock's worst monthly performance on record, seeing a price drop of 37% as the company battled against a short-seller report and announced the 10-K filing delay.
$NVIDIA (NVDA.US)$ and $Tesla (TSLA.US)$ fell Friday morning, ending out a week of declines for tech.
Within industries tracked by moomoo, Semiconductors pulled back 4% to match Nvidias fall. Auto Manufacturers also pulled back following a 5% drop in Tesla.
$Crude Oil Futures(FEB5) (CLmain.US)$ continued to fall Friday, despite a decision from OPEC+ to not increase supply this week.
$Bitcoin (BTC.CC)$ hovered near $54k, 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, and the 2-year was below the 10 year again.
Within indexes, the downward direction of the market was clear Friday.
Just past 11:17 am ET the $S&P 500 Index (.SPX.US)$ traded down 1.35%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.78%, and the $Nasdaq Composite Index (.IXIC.US)$ fell a dramatic 2.03%.
Friday, the economy added 142k nonfarm payrolls, and the Unemployment rate landed at 4.2% in August, according to the Bureau of Labor Statistics. Payrolls were below expected by 20k, but fit the narrative of softening labor in the U.S. that investors have come to expect. The CME Fedwatch futures tracker shows the chances of an FOMC rate cut during the committee's upcoming September 17-18 meeting as more than 50%.
Speaking of the Fed, investors also got word from New York Fed President John Williams Friday that it is time to cut rates.
Speaking toward the Council on Foreign Relations, Williams said the economy is balanced, and inflation is tracking lower, and "it is now appropriate to dial down the degree of restrictiveness in the stance of policy by reducing the target range for the federal funds rate."
Thursday, initial jobless claims figures from the Department of Labor Statistics came in at 227K, below last week's 230k. ADP numbers for private payrolls added to the economy showed just 99k jobs added in the past month, far below the 140k expected and the lowest number from ADP since 2021.
Wednesday, the JOLTS job openings came in lower than expected at 7.6M vs 8M. It is the lowest hiring data for open positions since 2021. Tuesday, 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 month's 46.8 and 49.6, respectively.
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Yesterday, users were watching the bad market, and hoping the declines would end soon.
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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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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Stock_Drift : My $NVIDIA (NVDA.US)$![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
102188459 : Thank you
105742796 Learner : Thank you
Hope the Market turns around soon.
webguybob : Well, all of the news the last couple of months really sucked.
Richard Arno : there all crooks
LittleSoldier : Rate cuts do not effect all stocks, so if your new and didn’t know, and jumped onto this bag wagon that it will somehow effect this particular stock it doesn’t directly.
Turnbuckle : For a minute
Lee Kuan Sieong : g
Turnbuckle : DJTWW
EZ_money :