Stocks tumbled Tuesday as technology names struggled and new economic data rekindled fears around the health of the economy.
The Dow Jones Industrial Average
fell 626.15 points, or 1.51%, to end at 40,936.93. The S&P 500
slid 2.12%, closing at 5,528.93. The Nasdaq Composite
dropped 3.26% and settled at 17,136.30. All three indexes notched their worst days since the global sell-off on Aug. 5.
Chip stocks weighed on the market, with high-flying Nvidia
dropping more than 9%. Micron
, KLA
and Advanced Micro Devices
also saw declines in the session.
As a whole, the VanEck Semiconductor ETF (SMH)
slid more than 7%. The S&P 500’s information technology sector led the broad index lower and saw its worst day since September 2022.
The market initially took a leg down Tuesday morning after two readings of manufacturing production showed signs of weakness. S&P Global’s showed a decline from July to August, while the Institute for Supply Management’s came in under the level anticipated by economists polled by Dow Jones. This data reignited concerns around slowing growth within the U.S. economy, which helped drive a closely watched sell-off early last month.
“The market right now seems to be very jumpy to any data that comes in,” said Larry Tentarelli, chief technical strategist at the Blue Chip Trend Report. “We’ve become a very data-dependent market.”
www.cnbc.com/2024/09/02/stock-market-today-live-updates.html
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