• Stocks fall into the red. Most of the major indexes turned red on Wednesday after the European index ended off 1%. Wall Street stock indexes had registered their biggest daily percentage drops since early August. The major indexes were coming off their worst day since Aug. 5th. 
• Nvidia spooked the market. Chipmaker Nvidia continued losing ground while other large-cap tech stocks also slid this week. Nvidia shares, fell nearly 10% on Tuesday and declined another 1.7% on Wednesday. There are growing concerns about a slowdown in the AI company's blockbuster growth.
• Tesla led the S&P. Tesla shares were 4.2% higher on Wednesday, marking the top performance in the S&P 500, following reports that the company plans to launch a six-seat version of its Model Y car. 
• Several mega cap tech companies headed lower. This included Apple, Amazon, Microsoft, and Google. 
• Other notable declines. Zscaler shares fell 19% after the provider of cloud-based cybersecurity services issued an earnings outlook that came in well below Wall Street expectations. Dollar Tree shares also slid 22%.
• Trump Media slides. The parent company of Truth Social owned by Donald Trump, fell to a new public trading low since it debuted on the Nasdaq stock exchange in March.
• Weak job data. A report on job openings came in lighter than expected on Wednesday.
• Trade and factory order numbers were on par but sluggish. On Tuesday, two indicators of manufacturing activity showed continued sluggish activity in the sector, which has been weighed down by high interest rates.
• Oil dropped. Crude oil futures settled dow more than 1% in their third straight day of losses. This included a more than 4% loss on Tuesday.
• Yield on 10-year Treasurys went lower. The yield on 10-year Treasurys was down to around 3.76% Wednesday afternoon, from 3.84% yesterday, at its lowest level in a month.
• Gold futures climbed. Gold futures were slightly higher at around $2,520 per ounce.
• Bitcoin headed higher. Bitcoin rose to around $58,000 after falling to a four-week low near $56,000 earlier Wednesday.
• The most highly anticipated event of the week is on Friday. Investors are on their toes for the release of the August jobs report. A higher-than-expected July unemployment reading sent markets reeling in early August.
• A lookout for more interest rate news. Fed Chair Jerome Powell has signaled that rate cuts are coming, possibly as soon as the September meeting of the central bank's policy committee. Powell has said that incoming data will drive the decisions on the pace and depth of the easing.

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 "The Fed can't wait until annual inflation has fallen to the central bank's 2% target before cutting interest rates."

-President of the Atlanta Fed, Raphael Bostic

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Most Active Stocks

• Dollar Tree (DLTR)
• Nvidia (NVDA)
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• Centene (CNC)
• Molina Healthcare (MOH)
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In the Spotlight

Intel Debuts Second-gen Core Ultra Mobile Chips 

On Tuesday Intel rolled out its new Intel Core Ultra 200V line of processors as it seeks to fend off the threat of Qualcomm. The company's second-generation Core Ultra processors, the Ultra 200V series, promise dramatically improved performance and power versus last year's Core Ultra line and better battery life than Qualcomm’s Snapdragon X Elite laptop chips.

Costco Had its First Membership Price Hike in 7 Years

Retailer Costco had its new membership prices go into effect. It was in July that the company announced that membership fees would increase by $5 to $65 a year in the U.S. and Canada for three of its plans: Gold Star, Business, and Business Add-On. “Over the coming months, membership scanning devices will be used at the entrance door of your local warehouse,” Costco said in a previous statement. “Once deployed, prior to entering, all members must scan their physical or digital membership card by placing the barcode or QR Code against the scanner.”

Verizon Nears Deal for Frontier Communications

 According to a WSJ report, Verizon is in advanced talks to acquire Frontier Communications in a deal that would boost its fiber network and help it compete with rivals including AT&T. An announcement could come this week the WSJ reported, citing people familiar with the matter. Frontier's shares were up 34% after the report on Wednesday, while Verizon's shares fell more than 3%.