In summary
- The first trading day of September was tinged with red, with the Dow Jones Industrial Average falling more than 600 points and the technology sector taking a hard hit.
- Nvidia (NVDA) led the losses, with its shares falling 9.53% to $108 from its opening at $116.02, resulting in a $270 billion decline in its market capitalization.
- Apple (AAPL) was also down 2.72% on Tuesday, trading at $222.77, while Microsoft (MSFT) fell 1.85% and Google (GOOGL) dropped 3.68%.
The first trading day of September was a red affair, with the Dow Jones Industrial Average falling more than 600 points and the tech sector taking a hit. The once-successful Nvidia (NVDA) led the losses, though Apple, Microsoft and Google also closed lower.
Nvidia (NVDA) was hit the hardest during Tuesday’s carnage, with its shares falling 9.53% to $108 from their opening at $116.02. The drop caused a huge contraction in the company’s total market capitalization.
The $270 billion drop, from $2.92 trillion to $2.65 trillion, was “the largest single-day decline in market capitalization on record for any U.S. company,” according to the Wall Street Journal.
The news got worse shortly after the markets closed, as Bloomberg reported that Nvidia was served with a subpoena by the U.S. Department of Justice as it investigates potential antitrust violations. NVDA is now trading even lower after hours, according to Google Finance.
In August, after Nvidia released its second-quarter earnings report, the stock price fell 6% in after-hours trading to $125.61 per share.
Other leading technology stocks also closed the day in the red.
Despite rumors of a potential shift into consumer robotics ahead of its upcoming iPhone-focused event next week, Apple (AAPL) was also down 2.72% on Tuesday, trading at $222.77. AAPL started the day trading at $229.00 before falling to $221, though it has risen in after-hours trading. Apple currently has a market cap of $3.39 trillion, ranking it as the largest company by that metric.
Microsoft (MSFT) fell 1.85% on the day. The company started the day trading at $415.40, and hit a high of $419.80 before closing at $409.44. The company currently has a market cap of $3.04 trillion.
In August, Microsoft announced a deal with defense contractor Palantir to bring its artificial intelligence technology to U.S. defense and intelligence agencies.
Google has invested heavily in artificial intelligence, adding the emerging technology to nearly every aspect of its consumer-facing offerings. Despite this heightened focus on generative AI, Google’s parent company Alphabet (GOOGL) is down 3.68% on the day, falling from its opening price of $163.33 to $157.65. Its market cap stands at $1.95 trillion.
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