Global stock markets are ablaze with red.

US stocks had their worst day in a month.

Global stock markets plunged after new data from the US raised concerns about the health of the economy . Technology stocks were among the sectors experiencing the sharpest corrections, leading the movement across indices.

Reasons for the US stock market plunge.

In the US market, all three major indices recorded their worst trading day since the global sell-off on August 5th. At the close of trading on September 3rd, the Dow Jones fell more than 626 points (-1.51%) to 40,936 points; the S&P 500 fell 119 points (-2.12%) to 5,528 points; and the Nasdaq Composite fell 577 points (-3.26%) to 17,136 points.

Investor sentiment was weighed down by the 8-10% plunge in technology stocks such as Micro Technology, Intel, KLA, and AMD.

The S&P 500's technology sector led the declines, experiencing its worst day in two years. Similarly, the VanEck Semiconductor ETF, which tracks semiconductor stocks, also fell by more than 7%, its worst performance since March 2020.

Notably, shares of AI chipmaker Nvidia fell more than 9%, wiping out $279 billion in market capitalization, a record high for a US company. Recently, sources from... Bloomberg revealed that the company has received a subpoena from the US Department of Justice in an antitrust investigation.

The Dow Jones plummeted by over 600 points.

The market only declined slightly at the beginning of the session. However, after two data points, the Purchasing Managers' Index (PMI) for the manufacturing sector, showed signs of weakness.

The S&P 500 Global PMI reached 47.9 in August, down from 49.6 in July. This is the lowest level since December 2023 and marks the second consecutive month of worsening manufacturing activity.

Meanwhile, data from the Institute of Supply Management (ISM) showed a slight improvement in the August PMI compared to July, rising to 47.2, but still lower than the Dow Jones survey estimate. A PMI below 50 indicates that manufacturing activity is contracting.

According to CNBC, the data raises concerns about slowing growth in the US economy, which was also a cause of the sell-off earlier last month.

“The market is currently highly sensitive to any data released. The market is becoming increasingly data-dependent,” said Larry Tentarelli, chief technical strategist at Blue Chip Trend Report.

Vietnam and the regional market are in turmoil.

On the other side of the globe, the Asia- Pacific market fared no better, with Japan's Nikkei 225 falling 3.19%, leading the region's decline. Meanwhile, the Topix also dropped 2.79%.

South Korea's Kospi and Kosdaq also fell by 2.17% and nearly 3% respectively; Australia's S&P/ASX 200 dropped nearly 1.7%, mainly due to weakening oil prices; Taiwan's TWSE fell 3.73%; Hong Kong's Hang Seng declined 1.5%; and mainland China's CSI 300 dropped 0.47%.

Overall, technology stocks contributed significantly to the market correction today.

Semiconductor-related stocks such as Renesas Electronics (-8%), Tokyo Electron (-7%), Advantest (-7.7%), Samsung Electronics (-2.62%), SK Hynix (-6.36%), Foxconn (-3.51%), etc., all experienced significant corrections.

Chinese chip stocks were also affected by the general trend, even though they are not closely tied to Nvidia's supply chain.

VN-Index falls close to 1,270 points.

Vietnamese stocks were no exception, falling nearly 15 points at the start of the session. By 10 a.m., the VN-Index had narrowed its decline to nearly 9 points, but it was still at its highest level in the past month.

Among them, FPT shares recorded a 1.6% decrease and were among the stocks with the most negative impact on the index. In addition, this group also included other stocks such as VCB (-1.2%), TCB (-1.5%), GVR (-1.7%), CTG (-1.1%), VPB (-1.1%), HDB (-1.8%), MBB (-1.2%), MSN (-0.9%), and SSB (-2.3%).

On the other hand, stocks like GAS (+0.8%), VHM (+1.1%), BID (+0.6%), and DGC (+1.9%) are trying to stem the market's decline.

Foreign investors participated in the strong selling wave today with a net value of over 300 billion VND , concentrated in stocks such as DGC (-50 billion VND ), HPG ( -41 billion VND ), MSN ( -33 billion VND ), and FPT ( -24 billion VND ).

TB (according to Znews)

Source: https://baohaiduong.vn/chung-khoan-the-gioi-ngap-trong-lua-do-392073.html