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Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., August 30, 2024.
Brendan McDermid | Reuters
The S&P 500 fell Wednesday, adding to the steep losses seen in the previous session, as tech shares were under pressure once again.
The broad market index traded 0.3% lower. The Dow Jones Industrial Average shed 44 points, or 0.1%. The Nasdaq Composite shed 0.7%.
Nvidia fell 2.3% after a Bloomberg report, citing sources familiar, said the U.S. Justice Department sent subpoenas to the chipmaker. The move comes after Nvidia tumbled more than 9% in Tuesday’s session amid a broader pullback in semiconductor stocks.
Meta Platforms, Amazon and Microsoft were down more than 1% each. The Technology Select Sector SPDR fund (XLK) lost 1%.
Wall Street is coming off a losing session, with the major benchmarks posting their worst day going back to the Aug. 5th sell-off, as chip names struggled and the latest economic data implied slowing growth for the U.S. economy. The 30-stock Dow fell more than 600 points, or 1.5%, while the S&P 500 slid 2.1%. The Nasdaq dropped 3.3%.
Traders are bracing for more volatility in September, historically a weak month for equities. Many investors anticipate a pullback of 5% or more in the coming weeks, although some money managers view any decline as a buying opportunity.
“The next eight weeks should be a prime, a very prime opportunity, to rebalance your portfolio, get more diversified, and actually let the market activity go in your favor,” Chris Hyzy, investment chief at Merrill and Bank of America Private Bank, said on CNBC’s “Closing Bell” on Tuesday.
Corporate earnings season is largely behind investors, with Hewlett Packard Enterprise is set to post earnings after the close. Dollar Tree shed 14% after slashing its guidance.
Traders will also look to the latest releases on job openings and labor turnover (JOLTS) survey, and factory orders data.
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