Major U.S. stock indexes moved sharply lower Tuesday, led by a steep decline for AI investor darling Nvidia (NVDA) and other chip stocks, as September trading kicked off on a down note after a volatile month.
The Dow Jones Industrial Average and S&P 500 were down 1.1% and 1.4%, respectively, while the Nasdaq Composite dropped 2.4% in afternoon trading. The major indexes closed higher on Friday ahead of the three-day Labor Day weekend.
Nvidia shares, which went on a bumpy ride after the AI chipmaker reported earnings last week that beat the Wall Street consensus but showed that growth is slowing, were down nearly 8% on Tuesday. The iShares Semiconductor ETF (SOXX) was down 6%, as Intel (INTC), Arm Holdings (ARM) and Micron (MU) all fell more than 6%.
Mega-cap tech stocks were lower across the board, with Apple (AAPL), Meta Platforms (META), Amazon (AMZN), Alphabet (GOOGL) and Microsoft (MSFT) all losing ground.
Boeing (BA) shares were leading Dow decliners after Wells Fargo downgraded the stock on concerns about the plane maker’s long-term free cash flow.
U.S. stocks had a strong finish to August, after falling sharply early in the month, as investor fears about the health of the economy subsided and expectations grew that the Federal Reserve will start cutting interest rates soon. The S&P 500 gained 1.8% in August and has posted monthly gains in all but one month this year.
The economic data and earnings release calendars are light on Monday. The most highly anticipated event of the week comes Friday, with the release of the August jobs report, which investors will be watching closely after a weaker-than-expected July report sent markets reeling in early August.
Market participants are watching economic indicators closely to get a sense of how aggressive the Fed might be in cutting its benchmark interest rate. Fed Chair Jerome Powell has signaled that rate cuts are coming, possibly as soon as the September meeting of the central bank’s policy committee, but has said that incoming data will drive the decisions on the pace and depth of the easing.
The yield on 10-year Treasurys, which is closely correlated to expectations around interest rates, fell to its lowest level in a week at around 3.85%, from 3.91% on Friday. Gold futures were down slightly at around $2,520, while bitcoin fell below $58,000, trading near its lowest levels in three weeks.
Boeing Tumbles as Wells Fargo Cites Cash Flow Concerns
1 hr 7 min ago
Boeing (BA) shares tumbled Tuesday after Wells Fargo downgraded the stock on concerns about the plane maker’s long-term free cash flow.
The bank lowered its rating on the stock to “underweight” from “equal weight,” and slashed its price target to $119 from $185.
Analyst Matthew Akers pointed to Boeing’s “extensive delays and added cost” impacting aircraft production cash flow. Akers said Wells Fargo’s “deep dive into FCF drivers through 2030 shows cash peaking in 2027 at or below BA’s prior $10B target. Our FCF estimates are 15-20% below consensus in 2026-27.”
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Boeing shares were down 8% at $159.92 around midday, leading Dow decliners.
Broadcom Slides as Earnings Report Looms
2 hr 31 min ago
Shares of Broadcom (AVGO) were down nearly 5% in early trading Tuesday amid a broader downturn for chip stocks, as the company prepares to release its quarterly earnings report on Thursday.
Investors will likely be scrutinizing the company’s AI sales growth and full-year outlook, which have benefited in recent quarters from growing demand for its custom AI chips.
Broadcom shares reclaimed the 50-day moving average last month after a steep correction, through the recovery has occurred on decreasing volumes, indicating a lack of institutional activity.
Investors should monitor key lower chart levels at $157 and $141, while also watching important higher levels around $168 and $195.
Read our full technical analysis piece here.
Stocks to Watch in September
4 hr 37 min ago
Stocks rebounded in the final weeks of August, putting the S&P 500 just below its all-time high heading into September. But a lot has changed under the surface since July.
The Magnificent Seven stocks that once dominated the market have yet to fully recover from recent sell-offs. The year’s most popular trade—a long bet on big tech stocks—has faltered as investors have warmed up to dividend payers and other rate-sensitive stocks in anticipation of interest rate cuts by the Federal Reserve.
With the Fed all but guaranteed to lower rates at its September meeting, the big unknowns hanging over markets in September are: How much will rate cuts be? And can the AI trade regain its footing?
Read here about five stocks, including Nvidia (NVDA) and Apple (AAPL), that could either lead market trends or see big price moves in September.
Major Indexes Poised to Open Lower Tuesday
5 hr 16 min ago
Futures tied to the Dow Jones Industrial Average were down 0.5%.
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S&P 500 futures were also down 0.5%.
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Nasdaq 100 futures were off 0.7%.
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