Stock Market Update Tuesday September 3, 2024

Stock Market Update Tuesday September 3, 2024 After the extended holiday, the stock market delivered a harsh reality check to shareholders. The S&P 500 and Nasdaq 100 took significant hits, shedding 2% for the SPY ETF and 3% for the QQQ ETF, respectively, marking the worst single-day performance since the August 5th mini-crash.

Away From Stocks: The bond market remained relatively stable, with Treasury yields easing by three to seven basis points along the curve. Commodities weren't spared either—WTI crude plummeted 4%, settling at $70 per barrel, while gold edged down slightly to $2,492 per ounce. Bitcoin also experienced volatility, ending the session near $58,200. The VIX, often considered the market's fear gauge, surged by more than five points, closing near 21, signaling heightened market anxiety

NVIDIA ($NVDA) closed at $108 per share, witnessing a staggering $280 billion erosion in market capitalization today. This represents the largest single-day loss ever recorded by any publicly traded company, setting a new benchmark for value destruction in equity markets. Tomorrow's trading session will be crucial to observe whether NVIDIA stages a recovery or experiences further downside momentum.

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