MARKET WRAP

Stocks got slammed today as new economic data reignited fears over the economy. 

The S&P 500 closed lower by 2.12%, the Nasdaq was down 3.26% and Russell 2000 fell 3.17%.

CNBC notes the selling started this morning after two readings of manufacturing production showed signs of weakness. 

Tech was the hardest hit sector, dropping nearly 5%, driven by losses in semiconductor stocks. All of the Mag 7 stocks closed lower, with Nvidia falling nearly 10%, Alphabet down nearly 4%, and Apple down nearly 3%. 

Consumer Staples was the only positive sector on the day. Names within the group like Molson Coors and JM Smucker were among the best-performing S&P stocks in the session.  

September has been the worst-performing month of the year on average over the last 10 years.

MRKT MATRIX: September 3, 2024

Today’s Top Stories:

• Dow slides 600 points, Nasdaq loses 3% as selling to start September intensifies (CNBC)

• Americans Are Really, Really Bullish on Stocks (WSJ)

• Will Gold’s Tailwinds Be Enough to Overcome September Curse? (Bloomberg)

• Firms Pile Into Bond Market in Busiest Day on Record (Bloomberg)

• T. Rowe Manager Who Predicted Yen Shock Sees Another Coming (Bloomberg)

• Forecasters get more overconfident the further into the future they look (Axios)

• Nvidia tumbles, leading chip stocks lower (CNBC)

• Boeing Shares Slump as Wells Fargo Cuts to Rare Bearish View (Bloomberg)

• These stocks typically have the best and worst Septembers (CNBC)

Catch Dan Nathan on the latest episode of The Wall Street Skinny!

Today we are joined by Dan Nathan, CNBC Fast Money superstar and co-host of podcasts On the Tape, OK Computer, and Market Call.  After three decades in the industry on both the buy side (at legendary hedge funds like SAC) and the sell side (at firms like Merrill Lynch), Dan is an expert on the equity markets and options trading.  Dan shares his insight into the evolution of the equities trading business, the insider secrets of what it’s like being a pundit talking about the markets on TV every day, and a crash course in equity options 101.

Today’s MRKT Call is Presented by CME Group

Stocks Selloff to Start September

Dan Nathan, Guy Adami and Carter Worth break down the top market headlines and bring you stock market trade ideas for Tuesday, September 3rd.

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