Market sells off with tech stocks hit the hardest, ISM manufacturing and construction spending below expectations

From Nasdaq: 2024-09-03 17:54:00

Market indexes took a hit as the Dow dropped 626 points, Nasdaq shed 577 points, S&P 500 fell 2.12%, and Russell 2000 dropped 3.09%. Tech stocks suffered the worst day in two years, with NVIDIA down 9.5% and Boeing falling 7.3%. ISM Manufacturing was lighter than expected at 47.2%. S&P Manufacturing PMI was 47.9. Construction spending was also below expectations.

Zscaler beat earnings but lowered guidance, causing a -7.7% drop in late trading. The company reported earnings of 88 cents per share on revenues of $593 million. The stock is down 3.4% overall. This week will focus on the jobs report on Friday, with JOLTS job openings and AVGO earnings on Thursday.

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Read more at Nasdaq: Markets Sell Off as Labor Market Data Looms