Seems to be reducing. But there are also concerns about the wider us economy that led to a wider sell off on us markets, as ritika gupta explains. The snp 500 saw its biggest slide since an early august meltdown, ending the session down 2%. This comes after a rally that put the benchmark within a striking distance of its all time highs. Technology stocks, the gauges most influential group, took the brunt of the decline. The nasdaq index closed down by 3%, while the dowjones index slipped by 1. 5%. One of the biggest losers on the day was nvidia, the high flying artificial intelligence darling, which raised more than $240 billion in market value. The chip maker shares closed down over 9%. 0ther semiconductor stocks, including micron, intel and advanced micro devices, fell in sympathy. The market also took a leg lower after manufacturing production data shrank for a fifth month in august. The institute for supply management manufacturing gauge edged up to 47. 2. A reading below 50 indi
August meltdown, ending the session down 2 . This comes after a rally that put the benchmark within a striking distance of its all time highs. Technology stocks, the gauges most influential group, took the brunt of the decline. The Nasdaq Index closed down by 3 , while the Dowjones Index slipped by 1. 5 . One of the biggest losers on the day was nvidia, The High Flying Artificial Intelligence darling, which raised more than 240 Billion in market value. The Chip Maker shares closed down over 9 . 0ther Semiconductor stocks, including micron, intel and advanced micro devices, fell in sympathy. The market also took a leg lower after manufacturing Production Data shrank for a fifth month in august. The institute for Supply Management Manufacturing gauge edged up to 47. 2. A reading below 50 indicates contraction. The data reignited concerns around slowing growth within the us economy, which helped drive a Sell Off early last month. The action comes ahead of us governments augustjobs report,
needed baby formula has landed in america with more on the way but, the problem is far from solved. live from cnn center, this is cnn newsroom, with rosemary church. good to have you with us. we begin in japan where u.s. president joe biden is making a hard push for strengthening economic alliances as he tackles the second leg of a high-stakes diplomatic tour in asia. earlier mister biden wrapped up a meeting with japanese prime minister, during their meeting, mister biden endorsed japan s plan to bolster its defense capabilities as it keeps a wary eye on china s growing military footprint. the two leaders also affirmed their commitment to the indo pacific economic framework, a plan mister biden is set to unveil in the next hour. this framework is a commitment to working with our close friends and partners in the region, on challenges that matter most to ensuring economic competitiveness in the 21st century. by improving security and trust in the digital economy. detect
today. we look forward to working together to build a more prosper in pacific region, by bringing together the initiatives and wisdom s of countries in the region. including the u.s. indo pacific strategy. japan s free and open pacific, the outlook on the pacific, and india s act east policy. this is an inclusive and open framework that will remain open to the participation of new partners following its inception today. we welcome more partner countries to join discussions in the future. we will work together to create an economic order that will ensure sustainable growth,