Major stock indexes were sharply lower Tuesday morning as investors came back from a long holiday weekend in the mood to sell. Magnificent Seven chipmaker Nvidia (NVDA) sank more than 6% and put a dark veil on the stock market today.
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The Dow Jones Industrial Average slid 1%. The blue-chip index took a breather after closing at an all-time high Friday. The S&P 500 pulled back 1.3%.
The tech-heavy Nasdaq was weighed down by Nvidia and lost nearly 1.8%. The composite fell back below its 50-day moving average after closing above it Friday. In small-cap stocks, the Russell 2000 posted a 1.7% loss.
Volume was higher on the Nasdaq and the New York Stock Exchange vs. the same time Friday. The U.S. stock markets were closed Monday for Labor Day.
The final August Purchasing Managers’ Manufacturing Index (PMI) came in at 47.9 vs. the 48.0 consensus and lower than 49.6 in July. The decrease marks the first drop in seven months and demand has started to wane, according to S&P Global.
The August Institute for Supply Management Manufacturing Index rose to 47.2 vs. the 47.5 expected and was above July’s 46.8.
In the bond market, the 10-year Treasury yield fell following the PMI report but bounced a bit after the ISM data. It was down eight basis points to 3.83%.
U.S. crude oil fell 3.7% to around $70.68 a barrel, extending a bearish phase.
Stock Market Today: Nvidia Stock Takes A Dive
Nvidia sank nearly 6% on the stock market today, giving back Friday’s 1.5% gain. The stock fell further below its 50-day line. The stock lost 7.7% last week. After Friday’s close, Nvidia formed a handle, giving it a lower buy point of 131.26, but the stock is about 15% below the entry.
Tesla (TSLA) was 2% higher. Tesla announced its August China sales increased 17% vs. July and 3% from August 2023. Tesla shares have lost around 14% so far this year but are forming a base.
IBD 50 stock TG Therapeutics (TGTX) trimmed morning gains to 1.6% but remains barely extended from a 22.67 buy point. The autoimmune treatment maker reached a 52-week high in heavy trading on the stock market today before fading.
Stock Movers: Dow Stock Boeing Slides
Dow Jones stock Boeing (BA) tumbled around 8% after Wells Fargo downgraded the stock to underweight from equal weight and cut its price target to 119 from 185. Shares fell further below the 200-day moving average on the stock market today.
Boeing stock is on track to close at its lowest price since Nov. 4, 2022, when it closed at $160.01, according to Dow Jones Market Data. The aerospace and defense stock was the biggest loser on the Dow Jones industrials Tuesday and has lost 37% so far this year.
Novartis (NVS) slid 1.5% after Jefferies downgraded the stock to hold from buy and lowered its target to 105 from 110. Shares reached a record high on Friday. The stock is extended from a cup-with-handle base with a 103.55 buy point.
NetApp (NTAP) reversed lower 0.4% on the stock market today. Loop Capital upgraded the stock to buy from hold and raised its price target to 150 from 121. Shares plunged 9.6% in heavy volume Thursday despite the company’s higher-than-expected fiscal first-quarter adjusted earnings and net revenue results. The data storage stock is in a cup-with-handle base with a 134.37 buy point, although the stock remains below the 50-day moving average.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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