Stocks plummet in the first week of September, with the S&P 500 erasing $2.2 trillion in market cap
Sectors & Industries
September 9, 2024
Remember last week when we said September will be rough? Well, what a rocky start to the fall it has been. The S&P 500, Nasdaq 100, and Dow Jones all plummeted, marking their worst week of the year. The S&P 500 has now erased $2.2 trillion in market cap during the first week of September.
Stocks fell even harder on Friday as concerns over a weakening labor market and tech selloffs intensified. The S&P 500 dropped 1.7%, the Nasdaq slid 2.5%, and major tech firms like Amazon and Alphabet saw significant losses. A weaker-than-expected August jobs report further fueled market anxiety.
The S&P 500 was down nearly 4% for the week, while the Nasdaq 100 fell 5.5%. In response, investors moved to less risky assets such as the 20-year Treasury and utility stocks.
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