🚀 Nvidia falls 9.5%, dragging down market

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Nvidia’s 9.5% plunge on Tuesday wiped out nearly $300 billion from its market cap, dragging down chip stocks across the board. Intel, Marvell, Broadcom, AMD, and Qualcomm all suffered significant losses as market fears grew following disappointing ISM manufacturing data, raising concerns about economic strength and the Federal Reserve’s next move. Despite Nvidia’s robust $30 billion revenue report for the last quarter and expectations of 80% sales growth, investor disappointment over the AI chip giant’s forecast led to the sell-off, underscoring the volatility in the semiconductor sector amidst AI-driven optimism.

2. Vice President Kamala Harris is set to propose a significant boost to small business tax deductions, increasing the allowable startup expense deduction from $5,000 to $50,000. This proposal unveiled as part of her presidential campaign in New Hampshire, aims to support new businesses by allowing them to spread out the deduction over several years or delay it until they turn a profit. Harris is also setting an ambitious goal of collecting 25 million new small business applications in her first term if elected. This initiative is part of her broader economic platform, which emphasizes affordability and combats corporate greed, as she prepares to face off against Donald Trump in the upcoming presidential debate.

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4. Headlines

   1. Less than 50% of manufacturing companies reported expansion in their operations last month.

   2. Joe Biden is expected to forgive significant amounts of student debt during his final few months as President.

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