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Wall Street had its worst week in the past year and a half as the market reacted to a series of disappointing economic and jobs data.
The S&P 500 fell 3.9% and the accompanying SPDR S&P 500 ETF Trust (NYSEARCA:SPY) fell 3.6%. The trading week was shortened, with the Nasdaq Composite down 5.6% and the Dow Jones Industrial Average down 2.5%. Investors showed their concern by shifting to bonds, leading to two-year Treasury yields falling as much as 15 basis points.
The week was marked by the latest employment data, which showed nonfarm payrolls rose by 142,000, marking the lowest quarterly average since mid-2020. The unemployment rate fell for the first time in five months.
Amid weak manufacturing data and weak labor market statistics, these were the top trending stocks in the four-day trading period:
US Steel (New York Stock Exchange:X) closed the week down more than 19% as investors reacted to comments made by Vice President Kamala Harris and a CFIUS report pointing to opposition to Nippon Steel’s planned $14 billion acquisition.
from Nvidia (NASDAQ: NVDA) Shares fell 4.8% in late trading on Friday, hurt by a report that the company received a subpoena as part of an antitrust investigation into its dominance in the AI accelerator market. The company said it has not received a subpoena from the Justice Department.
Broadcom (NASDAQ:AVGO) plunged 15% on the week as the company’s fourth-quarter guidance came in weaker than expected, despite beating revenue and profit estimates in its third-quarter report. Revenue rose 47% year over year to $13.07 billion.
ChargePoint Holdings (New York Stock Exchange: CHPT) plunged more than 31% after disappointing second-quarter results, issuing a weak outlook for the next quarter and announcing plans to cut 15% of its workforce for $10 million in severance costs.
Dell Technologies (New York Stock Exchange: Dell) and Palantir Technologies (NYSE:PLTR) fell 9.7% and 3.1% respectively during the week, but made headlines for their upcoming inclusion in the S&P 500 (SP500) index later this month.
UiPath (New York Stock Exchange: ROUTE) Shares fell nearly 7% in trading this week despite posting second-quarter results that beat market expectations and an outlook for the next quarter that was in line with consensus.
Stop Game (New York Stock Exchange:GME) made headlines in the week leading up to its quarterly report on Sept. 10, triggered by Roaring Kitty’s first social media post since June 27 and the opening or remodeling of several “retro” locations selling vintage consoles and hardware as well as software discs. GameStop also said it voluntarily paid off its credit line, using cash from operations for liquidity.