Live Coverage: Dow Jones and S&P 500 Drop, Nvidia Stock Takes a Dive in Today’s Stock Market

Major stock indexes were on a downward trend midday Tuesday as investors expressed concerns about the economy. Nvidia, an artificial intelligence leader, experienced a significant 7% decline, leading to a sell-off in tech stocks for the day.

The Dow Jones Industrial Average fell 1.1%, or almost 450 points, after reaching an all-time high on Friday. The S&P 500 also pulled back by 1.4%, while the Nasdaq, weighed down by Nvidia, experienced the most significant decline of 2.4% and dipped below its 50-day moving average. The Russell 2000, comprising small-cap stocks, posted a 2.2% loss.

There was an increase in trading volume on both the Nasdaq and the New York Stock Exchange compared to Friday, which might have been due to the U.S. markets being closed for Labor Day on Monday. Falling stocks outnumbered rising ones by more than 2-to-1 on the Nasdaq and nearly 5-to-2 on the NYSE.

In the bond market, the 10-year Treasury yield fell following the PMI report but rebounded slightly after the ISM data. U.S. crude oil prices dropped by 3.8% to around $70.72 a barrel as economy-sensitive assets suffered.

Amidst the general decline, Freshpet stood out by advancing 3.8% and returning to the buy zone of a cuplike base with a 136.35 buy point, making it today’s highlight stock. On the downside, Freeport-McMoRan crumbled 6.6% due to a drop in copper prices, while the SPDR S&P Metals & Mining ETF skidded 5.5%.

Despite the overall negative market sentiment, Aon managed to record a 1.3% increase and reached the 347.37 buy point of a long base. On the other hand, Nvidia experienced significant losses of 7.6%, erasing Friday’s gains and more. The stock is now about 7% below its 50-day moving average and has lost around 15% over the past week. This has resulted in Nvidia registering its largest one-day market cap drop ever recorded.

The day also saw mixed results in data points, with the final August PMI below expectations, indicating slowing factory activity. On the positive side, Tesla was 2% higher and announced increased China sales, while TG Therapeutics maintained a 1.6% gain from morning highs. Dow Stock Boeing tumbled about 8% following a Wells Fargo downgrade, while Novartis slid 1.5% after a Jefferies downgrade. NetApp reversed lower by 0.4%.

In conclusion, the day marked significant volatility in the stock market with notable winners like Freshpet and Aon, as well as losers like Nvidia and Boeing. It is essential for investors to stay informed and closely monitor market trends in order to make informed decisions.