On September 3rd, Eastern Time, U.S. manufacturing data reignited market concerns about a U.S. economic recession, leading to a September "black opening" for the U.S. stock market—major indices plummeted, with the Dow Jones Industrial Average (DJIA) dropping over 600 points and the Nasdaq Composite Index falling over 3%.

International oil prices plummeted! Both West Texas Intermediate (WTI) and Brent crude oil futures fell by more than 4% to a nine-month low.

Economic data sparked market fears of a U.S. economic recession, causing a significant drop in the three major U.S. indices.

On September 3rd, Eastern Time, the first trading day of September for the U.S. stock market experienced a "black opening," with all three major indices falling sharply. As of the close, the DJIA fell 626.15 points, a decrease of 1.51%, to 40,936.93 points; the Nasdaq Composite Index fell 577.32 points, a decrease of 3.26%, to 17,136.30 points; the S&P 500 Index fell 119.47 points, a decrease of 2.12%, to 5,528.93 points.

On the macro front, data released by the Institute for Supply Management (ISM) showed that the U.S. August ISM Manufacturing PMI was 47.2, lower than the expected 47.5, but higher than the previous value. Among them, the U.S. August ISM Manufacturing New Orders Index dropped to 44.6, significantly lower than the previous value, marking the lowest since May 2023.

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The U.S. August S&P Global Manufacturing PMI final value was 47.9, with expectations at 48.1, an initial value of 48.0, and a July final value of 49.6.

Furthermore, according to an analysis by Bank of America Global Research, the sensitivity of S&P 500 index futures contracts to the U.S. employment report has surpassed their reaction to inflation data. Bank of America analysts stated that the non-farm employment report has once again become the most important data for the stock market.

In terms of market performance, technology stocks fell across the board. Apple dropped 2.72%, Amazon fell 1.26%, Google fell 3.68%, Facebook fell 1.83%, Microsoft fell 1.85%, and Tesla fell 1.64%.

Nvidia plummeted by approximately $280 billion, marking the largest single-day market value loss in the history of individual U.S. stocks.

On September 3rd, Eastern Time, Nvidia plummeted by 9.53%, with its market value evaporating by about $280 billion (approximately 2 trillion yuan), setting a record for the largest single-day market value loss in the history of individual U.S. stocks. The latest report is at $108, with the latest total market value at $2.65 trillion.Additionally, chip stocks experienced a collective decline. Intel fell by 8.8%, GlobalFoundries by 8.57%, Micron Technology by 7.96%, Advanced Micro Devices by 7.82%, Qualcomm by 6.88%, TSMC by 6.57%, ASML by 6.47%, and Broadcom by 6.14%.

Significant Drop in International Oil Prices

On September 3rd, Eastern Time, international oil prices plummeted. Reports suggest that Libya is expected to resolve disputes that have led to supply disruptions, coupled with the possibility that the Organization of the Petroleum Exporting Countries (OPEC) and its allies may increase production in October. Weak economic data from China and the United States have raised market concerns about a slowdown in oil demand, all of which have weighed on oil prices.

The WTI October crude oil futures closed down by $3.21, a drop of over 4.36%, at $70.34 per barrel. It is currently trading near $70.33.

The Brent November crude oil futures closed down by $3.77, a decrease of over 4.86%, at $73.75 per barrel. It is currently trading near $73.72 per barrel.