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,
A general election. The backdrop a flat lining Economy Millions struggling with the cost of living and polling indicating the Conservative Party is lagging far behind the opposition. Not to mention Financial Markets on edge for anything that might worsen the uks finances. The memory of Prime Minister liz truss s disastrous Tax Cutting Budget no doubt not far from mr hunts mind. So lets remind ourselves what he came up with. The rate of National Insurance paid by employees and the self employed, will be cut again by 2 pence in the pound. That comes on top of an earlier 2p cut mr hunt announced in the autumn. In april, full Child Benefits will be paid to households, where the highest earning parent is getting up to £60,000. The current limit is £50,000. And the non dom tax break for wealthy uk residents whose permanent home is overseas, is to be scrapped raising £2. 7 billion a year for the government. That announcement is highly controversial as it was a key pillar of labour policy.