ibt-mailSep 4, 2024, 10:07 AM

Wall Street tumbles, led lower by chipmakers Nvidia, Intel

Newsletter Sep 4, 2024 Quick Six Wall Street tumbles, led lower by chipmakers Nvidia, Intel Just as the Federal Reserve prepares to reduce interest rates next week, Wall Street suffered a miserable

Newsletter Sep 4, 2024

Quick Six

Wall Street tumbles, led lower by chipmakers Nvidia, Intel
Just as the Federal Reserve prepares to reduce interest rates next week, Wall Street suffered a miserable trading day on Tuesday. The markets were led lower largely by tech stocks, specifically the producers of semiconductor chips as Nvidia and Intel fell by nearly 10%. The Dow Jones Industrial Average lost 626 points (1.51%), but the bigger losers by percentage were the Nasdaq Composite, which declined by 577 points (3.26%) for a bad session for tech stocks. The S&P 500 fell 119 points (2.12%).
HOW THE MARKET DROP COULD IMPACT FED'S DECISION

TikTok parent ByteDance is seeking $9.5 billion loan deal
TikTok's parent company ByteDance is eyeing a $9.5 billion loan from banks, which would mark the biggest dollar-denominated corporate facility in Asia. Citigroup, Goldman Sachs, and JP Morgan are showing interest in the loan deal, which has a three-year tenure with the flexibility to extend the repayment period under certain circumstances. Securing the loan indicates ByteDance's eagerness to access Asia's liquid loan market.
BYTEDANCE INVESTING IN E-COMMERCE, GENERATIVE AI

Volatility of tech stocks shuffles the order of world's richest
The volatile value of tech stocks shuffled the ranking of the world's 10 wealthiest people last month. Tesla CEO and X owner Elon Musk maintained the No. 1 spot with an estimated fortune of $243.7 billion, as more than half of the others swapped places for a second consecutive month. Amazon founder Jeff Bezos held onto the No. 2 spot despite seeing his riches decline to $197 billion, as the company's stock price dipped about 2.4%.
SEE THE LATEST RANKINGS AFTER TECH STOCK SHAKEUP

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Markets

DJIA	40,936.93	-1.51%
S&P 500	5,528.93	-2.12%
Nasdaq Composite	17,136.30	-3.26%
Japan: Nikkei 225	38,686.31	-0.04%
UK: FTSE 100	8,298.46	-0.78%
Crude Oil Futures	70.28	-0.09%
Gold Futures	2,525.50	0.10%
Yen	145.28	-0.13%
Euro	1.11	0.05%
* As of market close

US files 'terrorism' charges against Hamas

The US unsealed a raft of "terrorism" and other charges against six Hamas leaders on Tuesday related to the armed Palestinian group's October 7, 2023 attack on Israel. The document targets six leaders, accused of "conspiracy to provide material support for acts of terrorism resulting in death" along with six other counts. The charges were filed under seal so the US could be ready to take Haniyeh and the other defendants into custody, a DOJ official said, citing Haniyeh's death and other "recent developments in the region," as reasons for the unsealing.

HOW THE MURDER OF THE HOSTAGES PROMPTED THE MOVE

Hochul's ex-aide charged with helping China

A former senior aide to New York Gov. Kathy Hochul and her husband were arrested Tuesday at their Long Island mansion and charged with selling access to the Chinese government. Linda Sun was charged with 10 criminal counts that include money laundering, visa fraud and other actions, including blocking Taiwanese officials from accessing Hochul's office. The indictment claims Sun and husband Chris Hu, 41, received economic benefits in exchange for favors to the Chinese government.

SEE SOME OF THE CHARGES FACING HOCHUL'S FORMER AIDE

Trump, Biden share similar 'vacation' times

Republicans continue to attack President Joe Biden for the amount of time he is on vacation during his presidency. Right-wing commentators have posted recent photos of Biden on the beach and claim he is a do-nothing lame duck. While he has been away from the White House, it has been similar to the amount Donald Trump spent away while president, according to lists compiled by some observers. A report says both spent all or part of at least 250 of 853 days at their own properties.

SEE HOW BIDEN AND TRUMP SHARE SIMILAR 'VACATION' TIMES

Extra point

What US president played the most rounds of golf while in office?

Tuesday's answer: The NFL's TV package is worth $10 billion per year, topping the EPL ($3.8B), NBA ($2.7B) and MLB ($1.8B) combined.

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