Weak data reignited fears of economic slowdown, U.S. stocks in September ‘open black’
New economic data once again triggered concerns about the health of the economy, the U.S. stock market in September started off badly, technology stocks collectively fell heavily. The Dow fell more than 650 points during the session, down 1.6%. The SP 500 fell more than 2.2 per cent and the panic index VIX soared 30 per cent. The Nasdaq fell 3.3%, its worst day since the August 5 global stock market crash. Shares of artificial intelligence darling Nvidia (NVDA.O), which has been in investors' crosshairs for more than a year, fell more than 9 percent, leading semiconductor stocks to pressure stocks. This comes after data showed the final U.S. SP Global Manufacturing PMI slipped in August, while the U.S. ISM Manufacturing Index for August also fell short of economists' expectations. ‘The market seems to be very sensitive to any data at the moment,’ said Larry Tentarelli, chief technical strategist at Blue Chip Trends Report. ‘We've become a very data-dependent market.’
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