From Zacks Investment Research: 2024-09-03 18:56:18

Stocks tumbled on Tuesday, with the Dow down -626 points and Nasdaq shedding -577 points. Tech stocks saw their worst day in two years, with NVIDIA falling -9.5% and Boeing dropping -7.3%. ISM Manufacturing reported below expectations in August, while S&P final Manufacturing PMI was also below estimates. Zscaler beat earnings but lowered guidance, causing its stock to drop -3.4% during the day and another -7.7% after hours. Investors are now awaiting the Employment Situation report on Friday and Broadcom’s earnings report on Thursday. The market is bracing for potential rate cuts amid economic concerns.



Read more at Zacks Investment Research: Markets Sell Off as Labor Market Data Looms – September 3, 2024