Nasdaq down over 3% while chip stocks fall: Yahoo Finance

Stocks (^DJI,^GSPC, ^IXIC) are struggling to hold onto last week’s gains as investors brace for August’s pivotal jobs report this Friday. Recession concerns heightened after July’s print revealed the unemployment rate hit 4.3%, triggering the Sahm Rule. As investors await the Federal Reserve’s first interest rate cut, August’s print could provide new insight into the exact amount the Fed will look to cut rates. The semiconductor sector remains in focus this week after Nvidia’s (NVDA) earnings disappointed investors despite posting a beat on both the top and bottom lines. The chip giant’s earnings sent the sector under pressure as shares of Taiwan Semiconductor (TSM) and Advanced Micro Devices (AMD) are also sliding in Tuesday’s session. Meanwhile, Broadcom (AVGO) will report its third quarter earnings after the closing bell on Thursday as investors seek returns on their AI plays. These earnings will give more insight into the sector’s outlook, especially as the Semiconductor Industry Association saw global sales increase 18.7% year-over-year. Other trending tickers on Yahoo Finance include Boeing (BA), Unity Software (U), and CleanSpark (CLSK).