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US stocks were mixed on Wednesday, seesawing the day after a steep sell-off fueled by worries about economic growth.
The S&P 500 (^GSPC) fell around 0.2% while the tech-heavy Nasdaq Composite (^IXIC) fell about 0.3%. Meanwhile, the Dow Jones Industrial Average (^DJI) closed about 0.1% higher.
Stocks had begun the week with a sharp pullback as Nvidia (NVDA) shares slumped, an indication that faith in the AI boom that has driven much of this year’s gains is seeping out of the market. The AI juggernaut lost $279 billion in market value on Tuesday. Nvidia shares fell by more than 1.5% Wednesday after US regulators reportedly stepped up an antitrust probe.
In an up-and-down trading session on Wednesday, stocks appeared to turn positive after fresh data showed further signs of the labor market cooling, prompting bond yields to fall and investors to ramp up their hopes for more extensive interest rate cuts in 2024.
Data showed job openings fell to 7.67 million in July, the lowest level since January 2021. After the data, markets moved to price in a nearly 50% chance the Federal Reserve slashes interest rates by 50 basis points by the end of its September meeting, up from a 38% chance the day prior, per the CME FedWatch Tool.
The two-year Treasury yield dropped nearly 12 basis points to about 3.76%, its lowest level of 2024 as investors await a highly anticipated August jobs report due out Friday morning..
Still, the slow start for stocks to begin September now has investors bracing for more volatility as a historically tough month for markets follows a turbulent August. Though markets managed to shake off that month’s losses, analysts suggest stocks may not be in the clear yet entering September.
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