Sept Starts With Market Decline | Wall Street Today
The market pulled back Tuesday to start September in the decline after a holiday weekend. From near all time highs indexes collapsed. Semiconductor stocks and the industries that support them sent tech lower.
Just past the 4 pm close, the $S&P 500 Index (.SPX.US)$ traded -2.11%, the $Dow Jones Industrial Average (.DJI.US)$ fell 1.51%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 3.26%.
My name is Kevin Travers; here are stories moving on the U.S. stock market today.
MACRO
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.
SECTORS
Oil futures fell on Tuesday, with global benchmark crude touching its lowest prices of the year as downbeat economic data from China and a weak reading on the U.S. manufacturing sector fed worries about a slowdown in energy demand. $Crude Oil Futures(NOV4) (CLmain.US)$ fell 4% to $70- the lowest start to a month for the future since January.
At the same time, OPEC+ - comprised of the Organization of the Petroleum Exporting Countries and their allies - appear "content with plans to increase output from the fourth quarter," he said in a market commentary.
Within industries tracked by moomoo, $NVIDIA (NVDA.US)$ fell 9% and led the way lower for the Semiconductor industry falling 8%. Just past 3:50 pm ET: $Taiwan Semiconductor (TSM.US)$ fell 6%, Intel fell 9%, $Arm Holdings (ARM.US)$, $Micron Technology (MU.US)$, and $ON Semiconductor (ON.US)$ all fell 5%. The entire industry sector pulled back 7%, mirroring its 7% drop to start August nearly exactly.
$Bitcoin (BTC.CC)$ fell to $57k, Gold and silver pulled back. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ both fell.
MOOVERS
$Boeing (BA.US)$ shares slumped 7.7% 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 9% 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 2% 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. Earlier in the session they climbed 9%.
In earnings, investors await $Dick's Sporting Goods (DKS.US)$ and $Dollar Tree (DLTR.US)$ Wednesday, and tech giants $Broadcom (AVGO.US)$ and $DocuSign (DOCU.US)$ Thursday.
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
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73372627 : Yep. The unnemployment, the uncertain of the Fed rate cut, the China announcing that the prices will drop due to the over-production which will hurt the US domestic and also the inflation (real numbers) are a big factor. The semiconductors took a big hurt most I think of the Musk, Gate and others on discussion and planification how the AI will afect and impact the manpower.
The commodities, almost all indexes in the word slumb today in face of so manny incertitude.
If Powell and the Feds do not wake=up, do not seem will be a "bed of roses".
The only small think relative good for the day was in the Forex where the UDS winn to all others.
Hopefully deep reflection from the Reserve, Feds will stabilizate the situation.
Investing is pacience also.
104476495 : h
LittleSoldier : This is a prime example of what happens when you put incompetent people into office, and this is nothing compared to what we will see if Harris becomes our president!! Biden Nomics on methamphetamine!!!!
章允量 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
RDK79 : So much has changed since Friday… NOT.
why the Market took a hit today.. because it wanted to..
Lee Kuan Sieong : g
browny_440 : PRE
103677010 : noted
102181510 : bad
103916021 : k
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