Investing.com - U.S. stocks fell Tuesday, with tech stocks starting the shortened-trading week under pressure ahead of the slew of economic data due this including the monthly jobs report that will shape the Federal Reserve's rate decision later this month.) fell more than 7% leading chip stocks and broader tech sector to start the new trading month. The slide comes in the wake of the chipmaker's results released last week that flagged concerns about slowing growth.
The previous month's labor report fell short of expectations, prompting a sharp sell-off in risk assets, and investors will be looking to August jobs report to determine whether the weakness was transitory. "We expect a report largely similar to July will confirm that weaker July data was not a one-off but rather reflects a genuine softening in the labor market that will have officials lowering rates by 50bp to start the cutting cycle," Citi said in a recent note.
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