Breaking News: Nasdaq Plummets in Biggest One-Day Slump Since August Global Selloff | Nvidia Slump Triggers Sea of Red in Stocks
As the Nasdaq suffers its largest one-day slump since the August global selloff, investors brace for impact ahead of a wave of economic data set to shape the Federal Reserve's rate decision later this month. The Nasdaq dropped 3.3%, the Dow fell 626 points, and the S&P 500 dropped 2.1%.
Tech giant Nvidia leads the downward spiral, with a more than 9% drop affecting chip stocks and the broader tech sector. Meanwhile, Super Micro Computer rises over 1% after reassuring investors about its Q4 and FY 2024 earnings results following a delay in filing its annual report.
Attention now turns to the labor market, with investors eyeing a crucial week for U.S. markets. The upcoming jobs report will provide insight into the health of the labor market, following a disappointing previous month. Some analysts predict a larger rate cut by the Federal Reserve in response to weakening job data.
In other news, United States Steel Corporation faces a roadblock in its sale plans, while Boeing Co. falls after a downgrade by Wells Fargo on concerns about peak free cash flow.
Stay tuned for more updates on the market's reaction to these developments and how they could impact your investments.