US Markets Open Lower After Wall Street's Worst Day Since Early August
US tech major Nvidia fell 3%, dragging the Nasdaq lower.
The US markets fell on Wednesday after they posted their worst day since the Aug. 5 market meltdown.
The three major averages kicked off Wednesday's session in the red. While the Dow Jones Industrial Average was trading 40.25 points lower, S&P 500 fell 0.34% and Nasdaq Composite dropped 0.71%.
The US stock index futures were lower on Wednesday, with Nasdaq 100 futures down 0.5% to trade at 18,909 and S&P 500 futures falling 0.3% at 5,526 as of 9 a.m. Eastern time. The Dow Jones Industrial Average futures were relatively flat at 40,973.
US tech major Nvidia fell 3%, dragging the Nasdaq lower. This comes after the standout artificial intelligence stock plunged 9.5% on Tuesday, resulting in a record one-day loss of $279 billion for a US stock, according to Bloomberg.
Additionally, the US Justice Department issued subpoenas to Nvidia and other companies in an investigation into potential antitrust violations.
The S&P 500 and Nasdaq 100 on Tuesday experienced their worst September starts since 2015 and 2002, respectively. The S&P 500 fell to approximately 5,530, while the Nasdaq 100 and Russell 2000 each dropped over 3%. The Dow Jones Industrial Average declined by 1.5%.
Investors are eagerly anticipating the latest job openings and labour turnover survey, along with factory orders data, for further insights into the state of the economy.
“If we see further evidence of more people becoming unemployed than there are job openings in the coming months, this will raise fears about the health of the jobs market and will warrant a sharper easing stance from the Fed," Fawad Razaqzada at City Index and Forex.com told Bloomberg.
US 10-year yields were little changed on Wednesday at 3.82%. A record number of blue-chip firms took advantage of the lower borrowing costs by entering the corporate-bond market on Tuesday as the 10-year yields fell to 3.84%.
