Wall Street Tumbles, Yen Surges, Oil Sinks Below $70, VIX Spikes As Traders Brace For Volatile Month: What's Driving Markets Tuesday?

Benzinga09-04

The first trading session of September started with a widespread selloff across risk assets, as traders took a cautious approach ahead of what is historically a volatile month for global markets. At 1...

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The Magnificent Seven, tracked by the Roundhill Magnificent Seven ETF MAGS, offered no safe haven, declining 2.3%.\nThe CBOE Volatility Index (VIX), often referred to as Wall Street’s “fear gauge,” surged by 20%, reflecting heightened anxiety among investors.\nTech stocks were hit hard, with the Nasdaq 100 down 2.5%, on track for its worst one-day drop since Aug. 1. \nTuesday’s selloff was reminiscent of the market turmoil caused by the unwinding of the yen-dollar carry trade earlier in the summer. This time, the yen jumped 0.8% against the dollar after hawkish comments from Bank of Japan Governor Kazuo Ueda overnight.\nDespite the yen’s strength, the U.S. dollar gained 0.2% against a basket of other currencies, buoyed by broader market movements.\nOn the economic front, U.S. manufacturing data for August showed a deeper-than-expected contraction, with the employment index indicating mounting challenges ahead of a crucial jobs report due later in the week.\nTreasury yields fell as the weak manufacturing data fueled speculation of potential interest rate cuts by the Federal Reserve. The yield on the two-year Treasury note, which is sensitive to policy changes, dipped 3 basis points, while the 10-year Treasury note yield dropped 7 basis points. The iShares 20+ Year Treasury Bond ETF TLT rose 1.2%.\nIn commodities, gold prices slipped 0.5%, while oil prices plunged more than 4%, marking the steepest one-day decline since October 2023. West Texas Intermediate (WTI) crude oil fell to levels not seen since early January 2024, driven by concerns over weaker demand and expectations of increased OPEC supply next month.\nCryptocurrency markets also faced pressure, with Bitcoin BTC/USD down 2.5% as overall sentiment remained weak.\nTuesday’s Performance In Major US Indices, ETFs\nMajor IndicesPrice1-day change (%)Dow Jones41,057.56-1.2%S&P 5005,557.61-1.6%Nasdaq 10019,102.46-2.4%Russell 20002,160.05-2.7%CBOE VIX18.5419.2%Updated at 1:15 p.m. ET\nAccording to Benzinga Pro data: \n\nThe SPDR S&P 500 ETF Trust SPY was 1.5% lower to $555.15.\nThe SPDR Dow Jones Industrial Average DIA fell 1.1% to $411.80.\nThe tech-heavy Invesco QQQ Trust Series QQQ tumbled 2.4% to $45.16.\nThe iShares Russell 2000 ETF IWM sunk 2.6% to $214.30.\nThe Consumer Staples Select Sector SPDR Fund XLP outperformed, up by 1%, while the Technology Select Sector SPDR Fund XLK tumbled 3.5%. \n\nMonday’s Stock Movers\n\nAmong mega-cap stocks, Nvidia Corp. NVDA plummeted 7.6%, marking the worst one-day drop since April.\nOther major chipmakers also tanked including Marvell Technologies Inc. MRVL, down 7.3%, Micron Technology MU, down 6.5%, Advanced Micro Devices Inc. AMD, down 6%, and Taiwan Semiconductor Manufacturing Company TSM, down 5.7%. \nIntel Corp. INTC fell 7.5% amid news that the stock might be removed from the Dow Jones index.\nBoeing Company BA tumbled almost 8% after Wells Fargo downgraded the stock to an Underweight rating and slashed its price target.\n\nRead Next: Stock Of The Day: Berkshire Hathaway Trades Above Usual Range — Time To Sell The Warren Buffett Stock?\nBear market illustration generated using artificial intelligence via Dall-E. Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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