MARKET WRAP

Stocks failed to rally back from Tuesday’s sell-off.

The S&P 500 fell 0.16%, the Nasdaq fell 0.3% and the Russell 2000 was down 0.21%.

Nvidia shares fell more than 1%, adding to steep losses seen on Tuesday that wiped 279 billion dollars off its market cap - the largest ever single-day decline in market value for a U.S. company, per Reuters.

CNBC notes that some megacap technology and chip stocks regained their footing, with Advanced Micro Devices and Tesla rallying about 3% and 4%, respectively. Meanwhile, names like Oracle, Marvell Technology, and Qualcomm edged higher.

Utilities was the best-performing sector, up around 0.8% and Energy was the worst, down 1.4%.

MRKT MATRIX: September 4, 2024

Today’s Top Stories:

• Stocks waver as Wall Street tries to recover from big Tuesday sell-off (CNBC)

• US Yield Curve Disinverts as Soft Labor Data Fuels Fed Cut Bets (Bloomberg)

• Goldman’s Rubner Sees Potential Correction If Jobs Data Is Weak (Bloomberg)

• At Dollar Tree, Even Middle-Income Consumers Are Pulling Back (WSJ)

• Verizon Is in Talks to Buy Frontier Communications (Bloomberg)

• U.S. Steel shares plunge on report White House preparing to block Nippon Steel takeover (CNBC)

• UBS just downgraded critical chip firm ASML on expectations of a demand ‘normalization’ (CNBC)

• Microsoft Customers Pause on Office AI Assistant Due to Budgets, Bugs (The Information)

• Harris to Push for Capital Gains Rate Below 39.6%, Bucking Biden (Bloomberg)

Today’s MRKT Call is Presented by SoFi

Stocks Flirting With Disaster

Dan Nathan, Guy Adami and Liz Young break down the top market headlines and bring you stock market trade ideas for Wednesday, September 4th.

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Today’s Okay, Computer. is Presented by RBC and Current

Sam Lessin on Gen AI, Social Media & Entrepreneurship

Dan Nathan and Deirdre Bosa explore Amazon's strategic investment in Anthropic, the potential of Apple's upcoming AI features, and the importance of cloud service credits in AI investments. The regulatory challenges and future of TikTok in the US market are also scrutinized.

After the break, Sam Lessin from Slow Ventures shares his insights on the impact of generative AI on venture capital investments, emphasizing the shift towards building sustainable businesses through organic growth and strategic mergers. The episode concludes by reflecting on the broader impact of AI and social media, highlighting the importance of authenticity in the tech space and the long-term opportunities for American entrepreneurs.

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