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Current Market Analysis
Today, sellers dominated the stock market, with technology stocks facing significant pressure. Following a brief recovery after Federal Reserve Governor Christopher Waller endorsed an interest rate cut, indices hit their session lows around midday.
Stock Movements
- Nvidia (NVDA) dropped 4%, barely holding above the 100 level.
- Broadcom (AVGO) fell 9% after reporting earnings, being one of the Nasdaq 100’s weakest performers.
- The Nasdaq composite declined 2.5%, potentially heading towards a test of its 200-day moving average, with losers outpacing winners by nearly 3 to 1.
Job Market Insights
The non-farm payrolls rose by 142,000 in August, which is below the anticipated 160,000. The unemployment rate did decrease slightly to 4.2%.
Conclusion
With significant declines in major stocks and mixed economic signals, it’s crucial to stay informed through tools and resources such as IBD’s premium offerings and live analysis.
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