Overview:
The U.S. stock market experienced a sharp decline on September 6, 2024, as investors reacted to weaker-than-expected job data and anticipated this week’s inflation reports (CPI and PPI). Major indices saw significant drops, led by weakness in tech and semiconductor stocks.
Fear & Greed Index:
Fear – Investor sentiment has shifted towards fear as market volatility increases amid economic uncertainty.
Key Indices:
- S&P 500: -1.73% at 5,408.42
- Dow Jones Industrial Average: -1.01% at 40,345.41
- Nasdaq Composite: -2.55% at 16,690.83
USD Index:
- Dollar Index: +0.4% as the U.S. dollar gained strength in response to global market instability.
Sector Performance:
- Winners:
- None, as all major sectors ended the day in negative territory.
- Losers:
- Technology (-2.3%)
- Energy (-1.2%)
- Financials (-0.8%)
Key Movers:
- Apple (AAPL): Declined 1.8% ahead of its product launch event, as broader tech stocks fell.
- NVIDIA (NVDA): Dropped 3.9% amid a selloff in semiconductor stocks.
- ExxonMobil (XOM): Fell 2% as oil prices declined on concerns over weakening global demand.
Economic Data:
- U.S. Job Openings: Data dropped to 8.8 million in August, suggesting a potential cooling in the labor market.
- Inflation Watch: Investors are anticipating this week’s Consumer Price Index (CPI) and Producer Price Index (PPI) reports to provide further insight into inflationary pressures.
Outlook:
Investors remain cautious as markets await key inflation data and the Federal Reserve’s response. Corporate earnings will also play a role in shaping market sentiment throughout the week.
