The Dow, S&P 500, and Nasdaq all shed triple digits
Weaker-than-expected manufacturing data sparked a selloff to start the short week, reinforcing September's reputation as a bearish month. Investors returned from Labor Day weekend to see the Dow, S&P 500, and Nasdaq drop triple digits and mark their worst days since early August as economic anxieties resurfaced and semiconductor stocks tumbled. Elsewhere, the Cboe Volatility Index (VIX) snapped a three-day losing streak.
Continue reading for more on today's market, including:
- 2 biotech stocks gapping lower on drug update.
- Is this REIT fated for another dismal September?
- Plus, steel stock tumbles; BA downgraded; and AI giant readies for earnings.
5 Things to Know Today
- The American Gaming Association expects a record $35 billion to be legally wagered during this National Football League (NFL) season. (CNBC)
- A Chinese social media operation is impersonating U.S. voters, denigrating politicians, and pushing divisive messages ahead of the election. (Reuters)
- Why United States Steel stock tumbled today.
- Boeing stock downgraded on cash flow concerns.
- Artificial intelligence (AI) giant gears up for earnings.
There were no earnings of note today.
Oil, Gold Move Lower
Oil prices have slipped into negative territory for 2024. Today's losses came amid concerns over weak China demand, lackluster manufacturing data, and a central bank control dispute in Libya. November-dated West Texas Intermediate (WTI) crude dropped $3.21, or 4.4%, to settle at $70.34 per barrel.
Gold prices were also lower, as the greenback continue to grow stronger and traders eyed nonfarm payrolls data. Gold for December delivery was last seen 0.3% lower at $2,520.40 per ounce.