![Dow falls by more than 600 points as September turns ugly](https://media.cnn.com/api/v1/images/stellar/prod/ap24241455949007.jpg?c=16x9&q=w_800,c_fill)
Dow falls by more than 600 points as September turns ugly
CNN
Wall Street kicked off the month of September with a bust, after a disappointing economic report dragged down the Dow by more than 600 points Tuesday afternoon.
Wall Street kicked off the month of September with a bust, after a disappointing economic report dragged down the Dow by more than 600 points Tuesday afternoon. The latest manufacturing report from the Institute for Supply Management index showed a fifth-straight month of declines, pressuring traders who are already bracing for big news in September, from Friday’s key jobs report to next week’s inflation readings and then the long-awaited rate cut from the Federal Reserve mid-month. The broader market also tumbled: The Nasdaq Composite fell by more than 3% as tech investors became skittish over AI darling Nvidia’s 9% plunge. Skepticism about the AI chipmaker’s valuation after a weak outlook last week continue to stoke fear, and questions are being raised about whether AI technology will help or hinder tech companies’ bottom lines. Meanwhile, the benchmark S&P 500 moved about 2% lower. September has historically been an ugly month for stocks, but Tuesday’s moves come after a similarly miserable start to August, when markets went into a tailspin: The S&P 500 sank more than 3%, the Dow lost 1,000 points and the Nasdaq Composite ventured further into correction territory. Investors were reacting to a weaker-than-expected jobs report that underscored fears that the Fed had mishandled inflation and pushed the economy right into a recession. But markets soon corrected, ending the month with gains.
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