US Stock Market: S&P 500, Dow Jones, Nasdaq record biggest drop since early August. Check top performing shares
US stock market's main indexes slid on Tuesday as Wall Street saw the benchmark S&P 500 index, Nasdaq and Dow registering their biggest daily drop since early August.
The broad-based S&P 500 shed 2.1 percent to 5,528.93, while Dow Jones Industrial Average fell 1.5 percent to 40,936.93. The tech-focused Nasdaq finished at 17,136.30, down 3.3 percent in the market's first session in September following Labor Day 2024 holiday.
Semiconductor shares Nvidia, Advanced Micro Devices and Intel all fell about eight percent or more. Shares of chip stocks were hard hit, with AI heavyweight Nvidia tumbling nearly 10 per cent and Wall Street's chip index the PHLX chip index slumping 8 per cent.
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Boeing was another big loser, shedding 7.3 percent following a downgrade by Wells Fargo. Tesla fell after Reuters reported that the electric vehicle maker plans to produce a six-seat variant of its Model Y car in China from late 2025.
While most Dow companies fell, Coca-Cola, Visa and Procter & Gamble were among the equities that defied the trend.
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The stock market losses come ahead of major employment data later in the week that will have a say in upcoming US monetary policy decisions. Investors also cited concerns about the time of year, as September is widely regarded one of the worst months for stock market performance.
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