Wall Street faces tough start to Sept, with Dow dropping 600 points and chip stocks taking major hit

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North News
Chandigarh, September 4

Wall Street had a rough start to September, with the Dow Jones dropping over 600 points and the S&P 500 falling more than 2%, marking its worst start to the month since 2015. The Nasdaq Composite also took a significant hit, ending 3.3% lower as chip stocks, including Nvidia and AMD, saw substantial declines. The sell-off was driven by weak economic data, particularly in manufacturing, which sparked concerns about the health of the economy.

Chip stocks were particularly hard hit, with Nvidia’s shares dropping over 9% and the VanEck Semiconductor ETF plunging by more than 7%. The S&P 500’s IT sector experienced its worst single-day drop since September 2022. Analysts attribute the market’s volatility to heightened sensitivity to economic data, reflecting growing investor concerns about the economy’s stability.