MARKET WRAP

Stocks fell today, closing out the worst week since March 2023 as investors continued to dump risk assets. 

The S&P 500 was down 1.7%, the Nasdaq was down 2.5% and the Russell 2000 was down 1.6%.

All of the Mag 7 stocks were lower, with Tesla down more than 8%, Nvidia and Alphabet down 4% and Amazon and Meta down more than 4%. 

Semiconductors took it on the chin. The SMH ETF was down 4% today and 11% this week for its worst performance since 2020. Broadcom was the worst-performer in the group today, down more than 10% after weak guidance. 

Technology was the worst-performing sector on the day and the week.

MRKT MATRIX: September 6, 2024

Today’s Top Stories:

• S&P 500 falls 1% Friday, heads for worst week in a year on tech selling, weak jobs report (CNBC)

• Hiring Softened This Summer, Teeing Up Fed Rate Cuts (WSJ)

• Summers Says Jobs Weakness Makes It Closer Call on Fed Going 50 (Bloomberg)

• Fed’s Waller Says Jobs Data ‘Requires Action,’ Open to Big Cut (Bloomberg)

• Yellen Says Jobs Report Confirms Labor Market ‘Quite Healthy’ (Bloomberg)

• ‘Don’t be a hero’ in this market, BofA’s equity chief says (CNBC)

• Nvidia’s $400 Billion Tumble This Week Makes Bitcoin Look Calm (Bloomberg)

• Super Micro Computer is among the most oversold names on the Street. Here are the others (CNBC)

• Everything to Expect From Apple’s iPhone 16 Launch on Sept. 9 (Bloomberg)

• Funds With $350 Billion Are Exposed to S&P’s New Index-Cap Rules (Bloomberg)

• The NFL Is Back—and It’s Never Cost More to Watch (WSJ)

Today’s On The Tape is Presented by CME Group and iConnections

Even Every Winner Hits A Losing Streak

Guy Adami, Dan Nathan and Danny Moses are focusing on recent weak data from China and the U.S., the Federal Reserve's potential interest rate decisions, and the state of the job market. They also examine the impact of AI on tech stocks such as NVIDIA, Microsoft's integration of AI technologies, and concerns over possible overcapacity in the sector. In a significant segment, they discuss the U.S. Steel takeover bid by Nippon Steel and its political implications. The hosts also offer their NFL game predictions and share their perspectives on the sports betting industry's latest developments, including DraftKings' acquisition of Simplebet.

Show Notes

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

• Why Musk’s AI Rivals Are Alarmed by His New GPU Cluster (The Information)

• The Wall Street Skinny (Episode w/ Dan | Episode w/ Guy)

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