Investors began September trading with a thud as stocks tumbled on Tuesday to start a historically tough month for markets, with AI darling Nvidia and chip names leading tech stocks down. The turn into the red comes amid a crucial week of data on the economy and labor market highlighted by an influential monthly jobs report. The Dow Jones Industrial Average slid 1.5%, or over 600 points. The S&P 500 dropped 2.1%, while the tech-heavy Nasdaq Composite pulled back 3.3%.
Other chip stocks fell in tandem, with Broadcom , Qualcomm , and Taiwan Semiconductor Manufacturing Company all down more than 6%. Also top of mind is the August jobs report, due out on Friday, which could influence how deeply the Federal Reserve cuts interest rates at its meeting this month. With inflation now cooling, policymakers are on alert for the labor market to fall into place.
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