Uncertainty over the U.S. economy's health is rippling through markets, adding fuel to an already-volatile period that has investors grappling with a shift...
NEW YORK - Uncertainty over the U.S. economy's health is rippling through markets, adding fuel to an already-volatile period that has investors grappling with a shift in Federal Reserve policy, a tight U.S. election and worries over stretched valuations.
Evidence of ebbing risk appetite showed up across markets. The S&P 500 dropped 1.7%, with major declines in technology and growth stocks, among the market's biggest winners this year. Nvidia, the poster child of this year's artificial intelligence excitement, was recently down over 4% and fell to its lowest level in about a month.
"The takeaway from the range of labor market data is clear – the job market is cooling in a classic pattern that precedes recession," analysts at Citi wrote. "We've come a long way in a relatively short period of time and I think you're starting to see some businesses do the math on AI and ask whether it's really worth the cost, which will weigh on the big tech stocks," said Mark Travis, a portfolio manager at Intrepid Capital Management.
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