The stock market|Concerns about the slowdown in US economic growth weigh on stock markets around the world.
Stock market are again overshadowed by concerns about the slowdown in economic growth in the United States, several financial media report.
All three of Wall Street’s main indexes were in the red after trading closed on Tuesday. The broad S&P 500 fell by 2.1 percent and the industrial index Dow Jones by 1.5 percent. The technology-focused Nasdaq, on the other hand, plunged 3.3 percent.
Tuesday was the first trading day of September in the United States, as Monday was a national holiday in the country. It was the most bearish day in the US stock market since the beginning of August.
The downtrend also spread to the Asian stock markets on Wednesday, reports the news agency Reuters.
In Japan, the Nikkei general index of the Tokyo Stock Exchange fell below 37,000 points for the first time since mid-August.
Stateside new employment and unemployment figures will be published this week.
The figures were weaker than expected in August as the unemployment rate rose to 4.3 percent, the highest in three years.
August’s employment and unemployment figures were not particularly bad, but as expectations were high, immediate disappointment spread to the market.
OP’s chief strategist Lippo Suominen estimated in the announcement published by the banking group already on Monday that the current week is shaping up to be eventful with the US employment data.
He thought that the numbers would once again point to a slight slowdown in economic growth.
“Sentiments are sensitive in the market, so rapid swings can be seen,” he reflected.
Wall Street the slide was led on Tuesday by large technology companies, led by the chip company Nvidia.
Company stock had shrunk by 9.5 percent at the close of trading on Tuesday. At the same time, more than 250 billion dollars had been erased from its market value.
Nvidia’s stock also appeared to react to a subpoena issued by the US Justice Department to it and a few other US companies. The Ministry of Justice suspects that the chip company violated US antitrust laws.
The Ministry of Justice is trying to find out if Nvidia is harming its competitors using its power as the main supplier of AI data center CPUs. The company’s products are especially used in training heavy artificial intelligence applications.
The result announced last week Nvidia increased its turnover in May–July by 122 percent from a year ago. The growth from the previous quarter was 15 percent.
The chip company’s operating profit increased to 18.6 billion dollars, which meant a 168 percent increase from a year ago and a 10 percent increase from the previous quarter.
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