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U.S. stocks declined on Tuesday, as investors awaited data expected to impact the Federal Reserve’s decision on interest rate cuts. The Dow dropped to 40,936.93, while the S&P 500 lost 2.12% to 5,528.93, and the Nasdaq Composite 3.26% to 17,136.30.
(NASDAQ Index Daily Price Chart, Source: Trading View)
Chip stocks were notably affected, with Nvidia, a key player in AI, plunging nearly 10%, and the PHLX chip index sliding 8%. Despite the downturn, investors are unlikely to abandon tech stocks, especially if volatility presents buying opportunities, according to Jason Alonzo, a portfolio manager at Harbor Capital.
(NVIDIA Corporation Daily Price Chart, Source: Trading View)
Traders are now focusing on several labour market reports leading up to Friday’s non-farm payrolls data for August. The Fed’s meeting on September 17-18, where Chair Jerome Powell is expected to discuss easing monetary policy, will be closely watched. Additionally, investors expressed concern over the time of year, as September is historically one of the weakest months for stock market performance.
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