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Stock market today: Stocks slip as tough September start rolls on

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Nasdaq Composite,Nvidia,Market Value

Investors are looking to labor data to gauge the chances of a 'soft landing' for the economy.

US stocks were lower on Wednesday, coming off a steep sell-off fueled by worries about economic growth and the artificial intelligence trade amid a slide in Nvidia shares. The S&P 500 was down more than 02% while the tech-heavy Nasdaq Composite fell over 0.3%. Meanwhile, the Dow Jones Industrial Average slipped about 0.1%. Stocks had pulled back as Nvidia shares slumped, an indication that faith in the AI boom that has driven much of this year's gains is seeping out of the market.

In an up-and-down trading session on Wednesday, stocks appeared to turn positive after fresh data showed further signs of the labor market cooling, prompting bond yields to fall and investors to ramp up their hopes for more extensive interest rate cuts in 2024. Data showed job openings fell to 7.67 million in July, the lowest level since January 2021.

 

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