- Summary:
- The S&P 500 continues its rocky start to the month. After a selloff earlier in the week, the index fell by 1.8% today, settling at 5,492.99.
The S&P 500 continues its rocky start to the month. After a significant selloff earlier in the week, the index fell by 1.8% today, settling at 5,492.99. This shows concerns about a potential economic slowdown brought about by the release of very weak economic data.
Tech Stocks Faced Immense Pressure
Tech stocks faced significant pressure, with giants like Amazon and Apple taking hits of 1.66% and 0.86%, respectively. NVIDIA, a standout in the chip-making industry, also fell 2.5% despite surging demand for its products tied to AI advancements. The sector is navigating a tricky landscape as worries over slowing growth overshadow strong fundamentals. Meanwhile, investor uncertainty about upcoming Federal Reserve decisions continues to cast a shadow, keeping the market on edge.
Energy Stocks Drop as Market Stumbles
Energy stocks also struggled in today’s session. APA Corporation (APA) fell by 3.2% as oil prices remained very volatile. The energy sector has been under pressure, with concerns about global demand weighing on crude prices and uncertainties around supply from major producers continuing to add to the market’s instability.
Industrial and Utilities stocks
Industrials and utilities were also not doing well today, with Constellation Energy (CEG) dropping 3.2 and Vistra (VST) losing 4%. This shows that even with a high demand for AI-driven data centre power, there are concerns about sustainability in the long run.
Conclusion
As September historically proves to be volatile for equities, analysts predict that the market might struggle in the near future. Investors should stay vigilant and observe all the potential market disrupters.