Of cracking the uk market. Live from London, This is business today. It This is business today. IS Packed. Im saLLy bundock. This is business today. Lets get going. We start with AL Chip maker nvidia. Its Record Rise to one of the worLds most vaLuabLe companies has wowed WaLL Street. Now, its breaking records again, but not in the way it wanted. On tuesday, nvidia Lost the most Stock Market VaLue in a day of any company in us history aS Part of a steep seLL off that Hit Tech shareS ParticuLarLy hard. Nvidia continued to faLL after hours as bLoomberg reported that it has received subpoenas from the Department Ofjustice, which is investigating whether it has been abusing its dominance of the market for AL Chips. Lets just show you the numbers because they are pretty staggering. ALmost 279 BiLLIon that was the amount wiped off the vaLue of nvidia over the course of the trading day. It adds to Losses Last week after the companys forecasts disappointed investors. Nvidia has been the corners
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,
this is the concern for the u.s. growth. and also we had private payroll coming in better than expected for the month of september but pretty much solidified the fact that we are dealing with slower growth in jobs. and last we saw 214,00 214,000 s each and every quarter and coupled with the manufacturing gauge, yesterday the weakest in ten years. that has people concerned about reality of the slowing u.s. economy. and when that will eventually hurt the u.s. consumer. so the likes of coal, passed by the retailers taking a hit today. also wall street felt a bit of panic and concerns on news reports bernie sanders will be taking time off of the campaign trail because of chest pain. having two stints put in and does give the advantage to somebody like elizabeth warren capturing the nomination. warren, attacked the stock and bond trade and so that had wall street having a bit of a gut check. let s keep things in perspective
hit. the dow jones industrial average down more than 545 points as you see there after a week of unexpected manufacturing report and bad news from apple late yesterday. cnbc s dominick chew has been watching the action for us. what is going on right now? you hit on a couple of points here. there are three main drivers of what s happening with trading, at least just today. the first one, the biggest corporate story is apple. like you said late yesterday the company came out and said it was going to cut its forecast for its first quarter results by much more than analysts were looking for, and that sent shares tumbling. ceo tim cook told cnbc that he blames it on a number of things, one of them is a slowdown in the economy in china, and the other big one there amongst others is the idea that customers aren t upgrading to newer versions of iphones as much as they had previously expected. that s dragging hugely on the dow jones industrial average. number two, you mentioned that manufactu