2024-09-04 20:57:28
Wall Street showed nervousness today as it tried to recover from yesterday’s bad start to September.
THE S&P 500 fell 0.16% to 5,520.07 units, while o Nasdaq closed at 17,084.30 points, down 0.35%. THE Dow Jones closed with a marginal increase of 38.04 points or 0.09% closing at 40,974.97 points.
“At least there was some stabilization after yesterday’s sell off. Everyone is waiting for Friday’s employment data and until then there will be a wait-and-see attitude,” Truist’s Keith Lerner reports.
Nvidia fell 1.7% after Bloomberg reported that the US Department of Justice had subpoenaed the company as part of an investigation into antitrust violations. The move came after the US giant’s stock sank more than 9% amid liquidations across the semiconductor industry.
Some large-cap technology and chip stocks recovered lost ground on Wednesday with Advanced Micro Devices and Tesla gaining 3% and 4% respectively. Meta Platforms, Marvell Technology, Broadcom and Qualcomm also moved up.
Stocks rallied as the US Treasury inverted curve also returned to normal levels. The 10-year yield fell below the two-year yield in a sign of an impending recession that worried investors.
However, traders are bracing for more volatility in September, with many calling for a correction of 5% or more. However, corrections of this magnitude do not seem to have swayed investors in recent weeks.