European chipmakers ASML and STMicroelectronics fell due to Nvidia's drop, signaling negative impact on market.
From Investing.com: 2024-09-04 05:25:13
Shares in ASML Holding and STMicroelectronics fell on the pan-European market due to a sharp drop in Nvidia’s stock. ASML dropped over 5% in Amsterdam after UBS downgraded their rating on the semiconductor company. STMicro dipped over 2.5% in Paris. Nvidia saw a 9% decrease, losing $279 billion in market value.
Other chip stocks like AMD, Intel, and Broadcom also experienced significant losses. The Institute for Supply Management’s report on US manufacturing activity falling below expectations added to investor concerns about a potential economic slowdown.
The weaker-than-expected economic data led to the steepest selloff in a month on Wall Street, with US investors returning from Labor Day weekend. European markets also weakened, echoing the sluggishness seen in Asian equities amidst global growth worries.
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