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Market Update

Europe Movers: Barratt Developments, Commerzbank, Direct Line Insurance, Oil Stocks, Semiconductor Stocks, Telia

Inga Muller
04 Sep, 2024
Frankfurt

European markets extended losses amid economic growth worries in the U.S. and China.

Private sector activities in the Euro Area accelerated in August, driven by an upturn in service sector activities.

The DAX index decreased by 0.6% to 18,628.44; the CAC-40 index fell by 0.9% to 7,509.29; and the FTSE 100 index declined by 0.6% to 8,249.01.

The yield on 10-year German bonds edged lower to 2.22%, French bonds inched down to 2.96%, the UK gilts edged down to 3.96%, and Italian bonds decreased to 3.63%.

Semiconductor companies led the decliners in Wednesday's trading, following heavy losses in the sector in New York on Tuesday.

Market sentiment weakened after the U.S. Justice Department sent subpoenas to AI-chipmaker Nvidia as a part of its deepening probe into the company's antitrust practices.

ASML Holding declined 5.4% to €737.10, STMicroelectronics dropped 2.5% to €26.67, and NXP Semiconductors plunged 5.4% to €211.0.

Commerzbank AB dropped 1.8% to €12.85 after a Bloomberg report suggested that the German government is planning to sell between a 3% and 5% stake in the lender.

Telia AB declined 0.5% to SEK 32.45, and the Swedish telecom company announced a restructuring plan.

Direct Line Insurance Group declined 1.0% to 191.40 pence after the company reported weaker-than-expected first-half results.

Oil explorers traded volatile for the second day in a row, and crude oil prices hovered near a nine-month low, weighed down by concerns over rising supply and a weakening demand outlook.

BP plc decreased 0.1% to 415.95 pence, Shell PLC dropped 0.6% to 2,597.0 pence, and TotalEnergies edged up 0.1% to €60.59.

Barratt Developments declined 2.2% to 509.0 pence, and the UK-based housebuilder said profit declined 75% in the year ending in June.

European Markets Extended Losses by 1% Amid Growth Worries In the U.S. and China

Bridgette Randall
04 Sep, 2024
London

European markets extended losses on Wednesday as investors worried about economic growth in the U.S. and China.

Benchmark indexes in Paris, London, and Frankfurt declined around 1% and extended losses for the second day in a row after U.S. manufacturing sector activities contracted for the fifth month in a row in August and fell in 21 out of 22 months.

Moreover, a private survey in China showed service sector expansion moderated last month, despite the peak summer travel season.

Meanwhile, the Euro Area's private sector economic growth accelerated in August from the previous month, according to a survey compiled by S&P Global.

HCOB's Euro Area Composite PMI accelerated to 51.0 in August from 50.2 in July and expanded at the fastest pace in three months, driven by an upturn in service sector activities.

The final reading for the composite index was revised slightly lower from the initial estimate of 51.2.

The composite index's increase was driven entirely by the increase in the service sector, and the manufacturing sector contraction deepened and extended the decline to the 17th consecutive month.

Producer prices in the Euro Area increased 0.8% from the previous month and declined 2.1% from the previous year in July, Eurostat reported Wednesday.

The wholesale price increase in the month was driven by the surge in energy prices, while costs declined for intermediate, durable, and non-durable goods. Excluding energy, producer prices decreased 0.1%.

Europe Indexes and Yields

The DAX index decreased by 0.6% to 18,628.44; the CAC-40 index fell by 0.9% to 7,509.29; and the FTSE 100 index declined by 0.6% to 8,249.01.

The yield on 10-year German bonds edged lower to 2.22%, French bonds inched down to 2.96%, the UK gilts edged down to 3.96%, and Italian bonds decreased to 3.63%.

The euro edged down to $1.10; the British pound inched higher to $1.31; and the U.S. dollar strengthened to 85.01 Swiss cents.

Brent crude decreased $0.99 to $74.66 a barrel, and the Dutch TTF natural gas fell by €0.25 to €36.72 per MWh.

Europe Stock Movers

Semiconductor companies led the decliners in Wednesday's trading, following heavy losses in the sector in New York on Tuesday.

Market sentiment weakened after the U.S. Justice Department sent subpoenas to AI-chipmaker Nvidia as a part of its deepening probe into the company's antitrust practices.

ASML Holding declined 5.4% to €737.10, STMicroelectronics dropped 2.5% to €26.67, and NXP Semiconductors plunged 5.4% to €211.0.

Commerzbank AB dropped 1.8% to €12.85 after a Bloomberg report suggested that the German government is planning to sell between a 3% and 5% stake in the lender.

Telia AB declined 0.5% to SEK 32.45, and the Swedish telecom company announced a restructuring plan.

Direct Line Insurance Group declined 1.0% to 191.40 pence after the company reported weaker-than-expected first-half results.

Oil explorers traded volatile for the second day in a row, and crude oil prices hovered near a nine-month low, weighed down by concerns over rising supply and a weakening demand outlook.

BP plc decreased 0.1% to 415.95 pence, Shell PLC dropped 0.6% to 2,597.0 pence, and TotalEnergies edged up 0.1% to €60.59.

Barratt Developments declined 2.2% to 509.0 pence, and the UK-based housebuilder said profit declined 75% in the year ending in June.

Japan Indexes Plunged 4% After U.S. Tech Stocks Dived

Akira Ito
04 Sep, 2024
Tokyo

Japan's market indexes dropped sharply following overnight losses in New York led by tech stocks after an economic slowdown worries resurfaced.

The Nikkei 225 plunged as much as 5.3% and the Topix index dropped nearly 4% as investors sold stocks after semiconductor equipment makers led the decliners.

Market sentiment in Tokyo weakened following the losses in overnight trading in New York and Europe after a private survey of manufacturing activities showed weakening growth for the fifth month in a row.

The S&P 500 index dropped more than 2%, the technology-focused Nasdaq Composite declined more than 3%, and indexes in Europe dropped as much as 1% in active trading.

The fears of an economic slowdown gripped market sentiment again after five weeks, when a slowdown in payroll additions plunged market indexes around the world.

However, those fears of an economic slowdown in the U.S. were set aside over the next three weeks after a string of positive data suggested that the economy continues to expand and inflation remains subdued.

Investors shifted their attention to the release of the nonfarm payroll report on Friday, and if the U.S. economy adds less than 125,000 net new jobs in August, market indexes may face additional selling pressure.

Closer to home, Japan's service sector growth moderated in August, according to the final estimate conducted by au Jibun Bank.

The au Jibun Bank Japan Services PMI moderated to 53.7 from the preliminary estimate of 54.0, S&P Global said in a report released Wednesday.

The service sector activities expanded for the seventh month in a row, and the rate of change matched the previous month's rate.

Japan Stock Movers

The Nikkei 225 Stock Average plunged 4.3% to 37,011.80, and the broader Topix index declined 3.7% to 2,632.80.

Tech-led sell-off in Tokyo quickly spread to other sectors amid worries of strengthening the yen.

Tokyo Electron declined 8.6% to ¥22,995.0, Advantest fell 7.7% to ¥6,129.0, Screen Holdings plunged 9% to ¥9,668.0, and SoftBank Group decreased 7.7% to ¥7,781.0.

Renesas Electronics dropped 8.9% to ¥2,265.0 and Socionext fell 9.1% to ¥2,837.50.

Sumitomo Mitsui Financial Group decreased 4.5% to ¥9,415.0, Mitsubishi UFJ Financial Group dropped 5.6% to ¥1,509.0, and Mizuho Financial Group eased 5.2% to ¥2,974.0.

The yen strengthened to 145.09 after the Bank of Japan reiterated its hawkish stance and said that the central bank is prepared to lift rates if inflation data warrants such a move.

Toyota Motor decreased 3.5% to ¥2,674.0, Honda Motor declined 4.6% to ¥1,530.0, and Nissan Motor plunged 3.8% to ¥413.50.

Hang Seng Index Drops 1.3% Following Overnight Losses In New York

Li Chen
04 Sep, 2024
Hong Kong

Market indexes in Hong Kong and Shanghai dropped following overnight losses in New York after fears of a U.S. economic slowdown resurfaced.

The Hang Seng index dropped 1% and the mainland China-focused CSI 300 index declined 0.4%, tracking losses on Wall Street and that rippled to markets in Europe and Asia.

The S&P 500 index dropped more than 2% and the technology-focused Nasdaq Composite declined more than 3% after a private survey tracking manufacturing activities showed a contraction for the fifth month in a row in August.

The fears of an economic slowdown gripped market sentiment, and only five weeks ago world markets plunged more than 5% after the U.S. labor markets signaled a possible slowdown.

However, those fears were set aside over the next three weeks after a string of positive economic data suggested that the economy continues to expand amid weakening inflation.

Closer to home, a private survey tracking service sector activity growth moderated in August.

The Caixin General Service Purchasing Managers' Index slowed to 51.6 in August from 52.1 in July, indicating a slowdown in growth in the sector's activities.

New order growth eased and input costs increased at the fastest pace in a year; however, the final price for services fell for the first time in seven months amid intense competition and discounts.

The service sector expanded for the 20th consecutive month, according to the report released by S&P Global.

China Stock Movers

The Hang Seng index declined 1.1% to 17,462.25 and the CSI 300 index dropped 0.4% to 3,260.34, tracking losses in Asia and Europe as investors switched to risk-on mode.

Oil exploration companies fell sharply in Hong Kong and Shanghai after crude oil prices plunged as much as 5% to $69.55 a barrel.

CNOOC Ltd. decreased 5.5% to HK $20.05 and Petro China declined 5.9% to HK $6.52.

Tech stocks traded down, following sharp losses in artificial intelligence-linked stocks in overnight trading in New York, and semiconductor stocks were among the leading decliners.

Tencent Holdings declined 1.2% to $373.60, Meituan edged up 0.5% to HK $119.50, Alibaba Group inched higher 0.5% to HK $80.30, Baidu dropped 1% to HK $80.50, and JD.com rose 1.1% to HK $106.10.

SMIC fell 2% to HK $16.04, Sense Time Group fell 2.6% to HK $1.11, and Wingtech Technology decreased 0.4% to 24,90 yuan.

Hong Kong Exchanges and Clearing Limited declined 1.1% to HK $230.20 and approached its five-year low.

India Movers: GIC, Indian Energy Exchange, KIMS, NHPC, PDS

Arun Goswami
04 Sep, 2024
Mumbai

Benchmark indexes in Mumbai dropped nearly 1% following sharp losses in New York that rippled to markets in Europe and Asia after fears of an U.S. economic slowdown resurfaced.

The Sensex index decreased by 0.9% to 81,845.50, and the Nifty index fell by 0.8% to 25,089.95.

On the Mumbai stock exchange, 97 stocks traded at their 52-week highs, and 22 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched higher to 6.87%, and the Indian rupee weakened to 83.95 against the U.S. dollar.

General Insurance Corporation of India declined 0.4% to ₹420.80, and the central government plans to sell a 6.78% stake in the company to raise as much as ₹4,700 crore.

The offering is expected to be priced on Thursday at 395 per share, reflecting a discount of 6% from the current market price.

Krishna Institute of Medical Sciences increased 0.8% to ₹2,565.0, and the hospital chain operator set September 13 as a record date for its 5-for-1 stock split.

Indian Energy Exchange advanced 1% to ₹205.40, and the power exchange operator said electricity units traded on its platform surged 36% from a year ago to 12.04 billion units in August.

The volume of renewable certificates traded more than sevenfold from a year ago, but the price fell to a record low of 115 per certificate.

PDS gained 0.4% to ₹543.0, and the company said operations at factories owned by the company and its partners have returned to normal operations in Bangladesh.

Normal business functions were disrupted for more than five weeks across the nation after widespread protests erupted that led to the ouster of prime minister Sheikh Hasina.

NHPC increased 1% to ₹98.90, and the company has signed a preliminary agreement with the Maharashtra Department of Water Resources to build a 7,300 MW energy production and storage system.

Russell 2000 and Nasdaq Drop 2% After U.S. Economic Slowdown Worries Resurface

Alexander Garcia
03 Sep, 2024
Miami

Stocks on Wall Street faced renewed selling pressure, and the recovery rally over the last three weeks faded amid the resurfacing of fears of an economic slowdown.

On Wall Street, market indexes faced sharp selloffs on the first trading day of September, following the volatile August.

The S&P 500 index and the Nasdaq Composite dropped between 1% and 2% after artificial intelligence-linked stocks declined as investors walked from high-flying tech stocks.

The leading semiconductor designers and makers dropped more than 5%, and investors sold stocks of Nvidia, Advanced Micro Devices, Qualcomm, TSMC, and KLA Corp.

Today's market selloff was broad-based, and stocks in technology, cyclical sector, industrial, and oil complex dropped between 2% and 6%.

Market sentiment recovered from a sharp decline in early August after positive updates on the labor market, inflation, and GDP growth bolstered market sentiment.

Over the last three weeks, the improving sentiment on Wall Street powered global market advance, lifting market indexes in Europe, China, and Japan.

Investor confidence improved further after Fed Chair Jerome Powell signaled the possibility of monetary policy adjustment, supporting the case for a lower interest rate, but fell short of announcing the amount and timing of the possible rate cut.

Historically, September is a tough month for investors, and market indexes generally struggle.

Investors sold stocks on Tuesday after ISM's manufacturing survey showed ongoing weakness in the sector.

ISM Manufacturing PMI improved to 47.2 in August from 46.8 in July; the reading showed a fifth consecutive month of falling activities.

Any reading below 50 indicates contraction, and above 50 shows an increase in the level of activities.

In holiday-shortened trading week, investors are looking forward to the release of several key economic reports.

On Wednesday, July's durable goods orders are expected to show an increase from the previous month.

On Thursday, ADP payrolls in August are likely to show a decline from the 122,000 increase in July.

Friday's nonfarm payrolls for August are expected to show an increase in private payrolls from the 114,000 in July.

U.S. Indexes and Treasury Yields

The S&P 500 index decreased 1.6% to 5,558.48, the Nasdaq Composite fell 2.6% to 17,260.92, and the Russell 2000 index fell 2.5% to 2,162.45.

The yield on 2-year Treasury notes edged lower to 3.89%, 10-year Treasury notes increased to 3.85%, and 30-year Treasury bonds inched lower to 4.14%.

WTI crude oil decreased $3.60 to $70.40 a barrel, and natural gas prices edged up 2 cents to $2.19 a thermal unit.

Gold fell by $12.84 to $2,484.91 an ounce, and silver decreased by $0.58 to $27.93.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher to 101.60.

U.S. Stock Movers

Bank of America decreased 0.9% to $40.39, and Warren Buffett-controlled Berkshire Hathaway sold 21.1 million shares over three days to Friday last week for an average price of $40.24.

Berkshire is the largest shareholder of Bank of America and still holds an 11.4% stake of 882.7 million shares, according to the latest regulatory filing on Friday.

United States Steel Corporation decreased 3.8% to $36.63 after Vice President Kamala Harris opposed the sale of the company to Japan's Nippon Steel.

Pfizer declined 1.4% to $28.60, and the pharmaceutical company and Valneva reported positive results in the mid-stage trial for a vaccine to treat Lyme disease.

Oil explorers declined on Wall Street following the sharp fall in crude oil prices for immediate month deliver on demand growth worries in the U.S. and China.

Exxon Mobil decreased 3.2% to $114.17, Chevron fell 2.2% to $144.76, Occidental Petroleum dropped 2.2% to $55.61, and ConocoPhillips eased 3.7% to $109.59.

European Markets Lacked Direction, Swiss GDP Growth Accelerated In Second Quarter

European markets struggled for the second trading day of September as investors debated the weak macroeconomic outlook and future rate path.

Benchmark indexes in Paris, London, and Frankfurt swung around the flatline, and investors looked forward to monetary policy decisions from the U.S. Federal Reserve and the European Central Bank later in the month.

Market indexes staged a solid recovery in the previous three weeks after dropping as much as nearly 10% over a two-week period ending in the first week in August.

Investor confidence was further bolstered after inflation updates last week in the eurozone, Spain, Germany, and France indicated steady decline toward the European Central Bank's target rate of 2%.

This week investors are looking forward to the release of tourist arrivals and car sales updates in Spain and the manufacturing and service sector surveys in the Eurozone.

Investors are also awaiting the release of retail sales updates in the eurozone and Italy, the international trade balance in Germany and France, and the third and final estimate of the second quarter GDP growth in the eurozone.

Swiss GDP Growth Accelerated In Second Quarter

Swiss GDP growth in the second quarter accelerated to 0.7% from the previous month, the State Secretariat for Economic Affairs reported Tuesday.

The 2.6% increase in manufacturing sector activities was the main driver of the growth; however, net international trade contributed negatively after exports declined 5% and imports soared 13.8%.

On an annual basis, GDP growth accelerated to 1.8% from 0.6% rise in the first quarter.

Spain's Registered Unemployment Increased at the Slowest Pace Since 2016

The number of people registered as jobless in Spain increased by 21,844 or 0.9% from the previous month to 2.6 million people, the ministry of labor and social security reported Tuesday.

The unemployment in August fell to the lowest level since 2008, and generally unemployment rises in the month because of seasonal factors.

Seasonally adjusted unemployed fell by 7,724 people in August.

The registered unemployment rate fell in the agriculture sector by 2,337 people, or 2.60%, and among the group with no previous employment, it fell by 3,150 people (-1.33%).

The unemployment rose in services by 20,189 people, or 1.11%; in construction by 4,187 people, or 2.11%; and in industry by 2,995 people, or 1.50%.

Unemployment among young people under 25 years of age rose by 2,186 people, or 1.25%, in August from the previous month to 177,112, the lowest figure in the series for the month of August.

Europe Indexes and Yields

The DAX index decreased by 0.9% to 18,747.11; the CAC-40 index fell by 0.9% to 7,575.10; and the FTSE 100 index declined by 0.8% to 8,298.46.

The yield on 10-year German bonds edged higher to 2.32%, French bonds inched up to 3.04%, the UK gilts edged up to 4.03%, and Italian bonds increased to 3.71%.

The euro edged down to $1.10; the British pound inched higher to $1.31; and the U.S. dollar strengthened to 85.15 Swiss cents.

Brent crude decreased $3.32 to $73.94 a barrel, and the Dutch TTF natural gas fell by €1.60 to €36.05 per MWh.

Europe Stock Movers

Swiss Life Holding declined 0.2% to CHF 686.80 and reversed the earlier gain in the day, and the company reported better-than-expected results in the first half, driven by strong performance in its asset management and insurance operations.

Partners Group dropped 8.2% to CHF 1,123.0, and the Swiss private equity form reported weaker-than-expected quarterly results.

Wizz Air Holdings declined 0.5% to GBX 1,279.0, and the Hungarian discount airline said passenger count and load factor increased from a year ago in August.

Watches of Switzerland PLC jumped 4.2% to 395.0 pence after the UK-based luxury watches and jewelry retailer reiterated its fiscal year outlook.

Ashtead Group increased 2.6% to 5,498.68 pence after the equipment rental company reiterated its annual profit estimate.

Tokyo Indexes Struggled to Stay Above the Flatline Amid Ongoing Rate Path Worries

Benchmark indexes in Tokyo hovered near the flatline as investors looked at the movement in currency trading amid rate path uncertainty.

The Nikkei 225 stock average fell 0.2%, and the broader market-focused Topix index edged higher by 0.5%.

Market indexes advanced to a one-month high after the yen dropped to a two-week low as investors debated the next move by the Bank of Japan.

The Japanese yen has been one of the most volatile currencies in 2024 after the Bank of Japan ended its negative rate policy and laid the groundwork for additional rate hikes in the near future.

Currency speculators have been forced to unwind their decade-long carry trade as the yield gap between the Japanese government bonds and U.S. Treasury notes begins to narrow.

However, stronger yen also depresses earnings of export-driven industrial and automobile companies. causing additional headwinds for the stock market.

Currency traders, who only a month ago were estimating the Japanese yen to weaken to 165 against the dollar, are now looking for the yen to rise to as high as 135.

The sharp reversal in market sentiment came about after the Bank of Japan shifted its stance to hawkish and held out for additional rate hikes in the imminent future.

The policy committee of the central bank is scheduled to announce its rate decisions at the end of the two-day meeting on September 20.

Investors are hoping that the central bank may differ its plan to raise rates after the latest manufacturing data showed a weak trend.

Japan Stock Movers

The Nikkei 225 stock average declined 0.2% to 38,618.76, and the Topix index rose 0.5% to 2,729.96.

Industrial companies traded down amid the uncertainties linked to the yen, and semiconductor equipment makers edged lower amid high valuation worries.

Advantest decreased 2.2% to ¥6,652.0, Tokyo Electron declined 1.5% to ¥25,145.0, Lasertec decreased 3.4% to ¥25,145.0, and Screen Holdings jumped 0.06% to ¥10,615.0.

Fanuc Corporation decreased 0.8% to ¥4,262.0, Kawasaki Heavy Industries fell 2.2% to ¥5,205.0, IHI Corp. declined 0.4% to ¥6,661.0.

Toyota Motor decreased 0.3% to ¥2,772.0, Honda Motor declined 0.4% to ¥1,604.50, and Nissan Motor edged up 0.4% to ¥429.60.

Banks traded higher amid speculation that the Bank of Japan is more likely to differ its rate path later in the year following the weak manufacturing survey data.

Mitsubishi UFJ Financial Group gained 3.3% to ¥1,599.0, Sumitomo Mitsui gained 3.2% to ¥9,910.0, and Mizuho Financial Group gained 2.2% to ¥3,137.0.

Hong Kong and Shanghai Indexes Turned Lower Amid Weak Earnings Outlook

Stocks in Shanghai and Hong Kong struggled for the second trading day in September amid weak investor sentiment.

The Hang Seng index declined 0.3%, and the CSI index struggled to rise above the flatline in choppy trading.

Investors sold stocks after banks and real estate companies reported weak interim results and estimated a weaker outlook for the second half.

The Hang Seng index has struggled to hold on to its 4% gain in August after New Word Development estimated annual loss, following a string of weak results from other developers including China Vanke, China Resources Land, and Kaisa Group.

Banks were also under pressure after Industrial and Commercial Bank of China and China Construction Bank reported weak results.

Investor confidence remained weak after China's manufacturing sector, one of the key drivers of the economic growth, contracted for the fourth month in a row in August.

Moreover, foreign investors continue to lighten their stock holdings amid poor earnings visibility, fragile economic recovery, and a lack of strong policy response.

China Stock Movers

The Hang Seng index decreased 0.3% to 17,627.05, and the CSI 300 index edged up 0.01% to 3,266.44.

China Vanke increased 2.6% to HK $3.97, China Resources Land gained 1% to HK $21.15, and New World Development fell 1.9% to HK $6.70.

Industrial and Commercial Bank of China decreased 2.8% to HK $4.25, China Construction Bank fell 1.7% to HK $5.34, and Bank of China dropped 2.2% to HK $3.42.

Tech stocks traded higher and bucked the market weakness as investors hope the intense price war among leading companies will end soon.

Baidu decreased 0.9% to HK $81.25, Meituan rose 1.3% to HK $117.80, Alibaba Group gained 0.7% to HK $80.05, and JD.com fell 0.5% to HK $104.60.

Sanergy Group plunged a whopping 98% to 39 HK cents after the Securities and Futures Commission of Hong Kong said 90.2% of the company's shares are held by a group of investors, raising the risk of elevated volatility from a highly concentrated shareholder base.

Two companies listed their shares in mainland China as investors warmed up to initial public offerings.

Shanghai InnoStar Bio-tech soared 40% to 20.80 yuan in Shanghai trading, and Zhengzhou Suda Industries Machinery Service soared 39% to 43.37 yuan in Shenzhen trading.

U.S. Movers: Bank of America, Pfizer, Oil Complex Stocks, Semiconductor Stocks, U.S. Steel

Scott Peters
03 Sep, 2024
New York City

Artificial intelligence-linked stocks led the decliners on Wall Street, and Nvidia, AMD, Qualcomm, and Micron Technology fell between 4% and 6%.

Bank of America decreased 0.9% to $40.39, and Warren Buffett-controlled Berkshire Hathaway sold 21.1 million shares over three days to Friday last week for an average price of $40.24.

Berkshire is the largest shareholder of Bank of America and still holds an 11.4% stake of 882.7 million shares, according to the latest regulatory filing on Friday.

United States Steel Corporation decreased 3.8% to $36.63 after Vice President Kamala Harris opposed the sale of the company to Japan's Nippon Steel.

Pfizer declined 1.4% to $28.60, and the pharmaceutical company and Valneva reported positive results in the mid-stage trial for a vaccine to treat Lyme disease.

Oil explorers declined on Wall Street following the sharp fall in crude oil prices for immediate month deliver on demand growth worries in the U.S. and China.

Exxon Mobil decreased 3.2% to $114.17, Chevron fell 2.2% to $144.76, Occidental Petroleum dropped 2.2% to $55.61, and ConocoPhillips eased 3.7% to $109.59.

S&P 500 and Nasdaq Composite Drop 1% After Manufacturing Slump Extends to August

Barry Adams
03 Sep, 2024
New York City

On Wall Street, market indexes faced heavy selling pressure on the first trading day of September after volatile August.

The S&P 500 index and the Nasdaq Composite dropped more than 1% after artificial intelligence-linked stocks declined as investors walked from high-flying tech stocks.

Nvidia, Advanced Micro Devices, Qualcomm, and KLA fell 4%.