A trader reacts as the New York Stock Exchange (NYSE) opens.
Photography: Johannes Eisele | AFP | Getty Images
Stocks fell on Tuesday as technology stocks struggled and new economic data reignited concerns about the health of the economy.
this Dow Jones Industrial Average It fell 460 points, or 1.1%. this S&P 500 Index fell 1.4%, while Nasdaq Index down 2.1%.
Stocks feel downward pressure NVIDIAThe stock price of the fast-growing artificial intelligence darling that has attracted investors’ attention for more than a year has fallen by about 6%. It is one of several semiconductor stocks, including Micron, Cora and AMD Seen intraday decline. this VanEck Semiconductor ETF (SMH) A drop of more than 4%.
Markets also fell on Tuesday morning after two manufacturing production data showed signs of weaknessrekindling concerns about slowing U.S. economic growth. The S&P Global Index trended downward from July to August, while the Institute for Supply Management’s index was below where economists polled by Dow Jones had expected.
“The market seems very nervous about any data right now,” said Larry Tantarelli, chief technical strategist at Blue Chip Trend Reports. “We’ve become a very data-dependent market.”
Tuesday’s moves kick off a new trading month after the three major stock indexes closed in August. U.S. markets were closed Monday for the Labor Day holiday.
But stock market momentum heading into September hasn’t always been as expected. Fears that the U.S. economy was slipping into recession and the unwinding of popular hedge fund trades involving the yen sent stocks tumbling in early August. The S&P 500 fell more than 7% in a month before recovering.
The action comes ahead of the U.S. government’s first major economic report of the month on Friday, when it releases its August jobs report. Wall Street also has to contend with seasonal headwinds, as September is the S&P 500’s worst month on average past 10 years.
