• Overall Market Performance:

  • The SP500 lost 4.25% and the Nasdaq dropped 5.77%. NVDA dropped by 13.86% and AVGO by 15.86%.
  • The S&P 500 fell for three consecutive days leading up to the August jobs report.
  • Tech stocks saw a significant selloff on Friday, resulting in the Nasdaq’s worst week since early 2022.
  • The market downturn was triggered by growth worries, a possible recession, and a subsequent drawdown in earnings.

• Key Economic Data:

  • August jobs report: 142,000 jobs added, below expectations of 165,000. Prior two months were revised down by 85,000.
  • Unemployment rate dropped to 4.22% from 4.26%.

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