Markets in Freefall: Nvidia Tanks, Boeing Crashes, and Oil Prices Plummet!
US stock indices fell more than 1% on Tuesday, with investors closely monitoring upcoming economic data that could impact the Federal Reserve’s monetary policy decisions this month.
Current Market Figures
- Dow Jones Industrial Average: Down 431.56 points (1.04%) to 41,131.52
- S&P 500: Down 63.42 points (1.12%) to 5,584.98
- Nasdaq Composite: Down 263.57 points (1.49%) to 17,450.06
Earlier today, the S&P 500 was down 0.7%, the Dow Jones by 0.4%, and the Nasdaq Composite by 1.1%. At the opening bell, the Dow Jones had fallen 73.41 points (0.18%) to 41,489.67, the S&P 500 was down 24.51 points (0.43%) to 5,623.89, and the Nasdaq Composite dropped 128.17 points (0.72%) to 17,585.45.
Key Movers
- Nvidia Corp.: Led the losses in chipmakers, with its stock plunging over 6%.
- Apple and Alphabet: Both saw their stocks fall by more than 1.6%.
- Boeing: Dropped 8% following a downgrade by Wells Fargo.
Economic Data and Bond Market
A report indicated a significant decline in US manufacturing activity for the fifth consecutive month in August. This data is crucial for investors, especially with the upcoming jobs report due on Friday, which may influence future Federal Reserve policies.
In the bond market, the yield on the 10-year Treasury fell to 3.84%, down from 3.91% on Friday. This shift in the bond market is a key indicator of the broader financial landscape.
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Oil and Gold Prices
- Oil Prices: Fell by more than 3% following news that a deal to resolve a Libyan production and export dispute might be imminent. Brent crude futures were down $3.08 (4%) to $74.44 per barrel, while West Texas Intermediate futures dropped $2.55 (3.5%) to $71.00.
- Gold Prices: Held steady as the focus shifted to the US jobs data. The upcoming jobs data could influence gold prices, making it a key factor for investors to monitor. Spot gold was $2,498.87 per ounce, and US gold futures rose 0.1% to $2,530.70.