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the global capital market is in turmoil.

on tuesday, september 3rd local time, the three major u.s. stock indices closed lower.

as of the close, the dow fell 1.51%, the nasdaq fell 3.26%, and the s&p 500 fell 2.12%. the vix index rose more than 40% to 21.85.

in terms of economic data, the us ism manufacturing pmi in august was 47.2, expected to be 47.5, and the previous value was 46.8.

nvidia's stock price plummeted 9.53% in a single day, and its market value evaporated by $278.9 billion (about rmb 1.99 trillion). according to bloomberg, the u.s. department of justice has escalated its antitrust investigation into nvidia, and nvidia has received a subpoena from the u.s. department of justice.

asia-pacific continued to fall at the opening. the nikkei 225 index opened down 1.67%, and fell 3% as of press time; south korea's kospi index fell 2.8%.

semiconductor sector slumps as crude oil plunges

on tuesday, september 3, local time, the three major u.s. stock indexes closed down collectively. as of the close, the dow fell 626.15 points, or 1.51%, to 40,936.93 points; the nasdaq fell 577.32 points, or 3.26%, to 17,136.30 points; and the s&p 500 fell 119.47 points, or 2.12%, to 5,528.93 points.

the s&p 500 fell more than 2%. the nasdaq 100 and russell 2000 both fell more than 3%. the philadelphia semiconductor index fell 7.75%, the biggest one-day drop since march 2020, with all 30 constituent stocks falling, ranging from 4.3% to 10.6%. nvidia plunged 9.53%, evaporating $278.9 billion in market value. the u.s. department of justice issued subpoenas to nvidia and other companies, seeking evidence that the chipmaker violated antitrust laws.

in terms of economic data, the us ism manufacturing pmi in august was 47.2, expected to be 47.5, and the previous value was 46.8. the us manufacturing index in august rebounded slightly from the low point in july, and the employment situation improved, but the overall trend still showed that manufacturing activity was sluggish. in terms of important sub-items, the new order index was 44.6, the lowest since june 2023; the inventory index was 50.3, a sharp increase of 5.8 points from the previous month; the production index further declined, and the sub-index fell from 45.9 in july to 44.8; the employment index was 46, and the previous value in july was 43.4.

"the further decline in the pmi data suggests that manufacturing's drag on the economy strengthened further in the middle of the third quarter," said chris williamson, chief business economist at s&p global market intelligence. "forward-looking indicators suggest that this drag may intensify in the coming months."

the august ism manufacturing index is the first important u.s. economic indicator released this week, and the market is paying close attention to it to assess whether it has released more signals of a soft landing for the u.s. economy. it may also have an impact on the fed's september decision. traders expect the fed to reduce interest rates by more than two percentage points in the next 12 months. ian lingen of bmo capital said that concerns after the recent rise in unemployment will keep traders "nervous" until the release of employment data on friday.

the labor department will release its employment report on friday. "are we really going to get a soft landing or are we going to get a non-farm report where the unemployment rate starts to rise sharply?" said brian mulberry, client portfolio manager at zacks investment management.

"this week's jobs report, while not the only determinant, will likely be the key factor in the fed's decision on whether to cut rates by 25 basis points or 50 basis points," said jason pride of glenmede. "even a dovish signal in this week's jobs report could be a key decision point in whether the fed takes a more cautious or aggressive approach."

in other markets, u.s. treasury yields closed lower across the board, with the 2-year treasury yield falling 5.8 basis points to 3.873%, the 3-year treasury yield falling 5.8 basis points to 3.731%, the 5-year treasury yield falling 6.9 basis points to 3.646%, the 10-year treasury yield falling 7.6 basis points to 3.838%, and the 30-year treasury yield falling 7.2 basis points to 4.126%.

international precious metal futures generally closed lower, with comex gold futures down 0.27% to $2,524.8 per ounce and comex silver futures down 1.83% to $28.4 per ounce.

international crude oil futures both plummeted, with brent crude oil falling by more than 5% at one point, and u.s. crude oil wiping out all year-to-date gains. as of the close, wti october crude oil futures closed down $3.21, or 4.36%, at $70.34 per barrel, with the main contract price hitting its lowest level since december last year; brent november crude oil futures closed down $3.77, or 4.86%, at $73.75 per barrel, with the main contract price falling below $75 for the first time since january.

recently, libya's domestic oil production has been suspended due to political conflicts, affecting about 60% of the country's daily output. however, as political factions are close to reaching an agreement, libya is expected to resume oil production soon. in addition, opec+ is considering delaying its production increase plan, and the goldman sachs report pointed out that artificial intelligence technology may put pressure on oil prices in the future by improving logistics and increasing resource supply.

in addition, major european stock indices also fell collectively. france's cac40 index fell 0.93%, germany's dax30 index fell 0.97%, and britain's ftse 100 index fell 0.78%.

ecb board member simkus said the probability of a rate cut in october is quite small, but there are many reasons to support a rate cut in september. ecb board member nagel said he would not commit in advance whether he would vote for a rate cut in september.

nvidia is under antitrust investigation, and its market value evaporates by nearly $280 billion

in terms of sectors, 9 of the 11 major sectors of the s&p 500 index fell and 2 rose. among them, the information technology sector led the decline, with a drop of 4.43%, while the industrial, materials, communication services, and energy sectors all fell by more than 2%, and the essential consumer sector rose by 0.76%.

popular technology stocks generally closed lower. nvidia fell more than 9%, intel fell more than 8%, micron technology fell nearly 8%, amd fell more than 7%, qualcomm, arm, tsmc, asml, broadcom fell more than 6%, texas instruments fell more than 5%, netflix and google a fell more than 3%, apple fell more than 2%, microsoft, meta, tesla, amazon fell more than 1%, cisco fell nearly 1%, eli lilly rose slightly, and amd rose nearly 1%.

nvidia fell 9.53%, and its market value evaporated by $278.9 billion. since nvidia announced earnings that failed to meet high expectations, the company has fallen 14% in three consecutive trading days. according to bloomberg, the us department of justice is stepping up its antitrust investigation into nvidia and has issued a subpoena to nvidia, asking them to provide evidence of possible violations of antitrust laws. investigators are concerned that nvidia's market behavior may make it difficult for consumers to switch to other suppliers and punish buyers who do not exclusively use its artificial intelligence chips.

part of the investigation also involves nvidia's acquisition of runai, a company that develops software for managing ai calculations, announced in april. the justice department is concerned that the merger could discourage customers from switching chip suppliers. the investigation is also exploring whether nvidia offers preferential supply and pricing to customers who only use its technology or buy its complete systems. the u.s. justice department and nvidia declined to comment.

intel fell 8.80%. intel's stock price has fallen nearly 60% this year, making it the worst performing company in the dow jones industrial average. analysts generally believe that intel is likely to be removed from the dow jones industrial average. in order to raise funds, intel suspended its dividend and announced layoffs last month. ryan detrick, chief market strategist at carson group, said: "the possibility of intel being removed from the index is already high."

tesla fell 1.64%. elon musk's starlink said on tuesday that it was complying with the order of brazilian supreme court judge alexandre de moraes to block access to the social media platform x in brazil. starlink posted on social media that it had filed a legal case with the brazilian supreme court after the court froze starlink's finances and prevented it from conducting financial transactions in brazil.

apple fell 2.72%. according to a report by nikkei on tuesday, apple plans to use oled displays for all new iphones starting in 2025, completely abandoning liquid crystal displays (lcd). the report said that this move will exclude japan's sharp corporation and japan display corporation from apple's mobile phone business. sharp and japan display corporation once accounted for 70% of the iphone display market about a decade ago, but in recent years they have only supplied lcd screens for the iphone se and do not produce oled screens for smartphones.

most financial stocks closed lower. goldman sachs and morgan stanley fell more than 4%, ubs group fell more than 3%, deutsche bank fell nearly 3%, jpmorgan chase fell 2%, citigroup, u.s. bancorp, blackrock, american express, and aig fell more than 1%, capital one financial, regions financial, mastercard, wells fargo, bank of america, and travelers insurance fell slightly, visa rose slightly, and mizuho financial rose more than 1%.

energy stocks generally closed lower. apache oil fell more than 6%, murphy oil and american energy fell more than 4%, schlumberger, conocophillips, marathon oil, imperial oil, bp, and shell fell more than 3%, occidental petroleum, chevron, petrobras, and exxonmobil fell more than 2%, and duke energy rose more than 1%.

popular chinese stocks fell more than rose, with the nasdaq china golden dragon index falling 0.86%. futu holdings and netease fell more than 3%, iqiyi and li auto fell more than 2%, weibo, new oriental, huya, baidu, alibaba, jd.com, and manbang fell more than 1%, tencent music and vipshop fell slightly, bilibili and pinduoduo rose more than 1%, nio and douyu rose more than 2%, and xpeng motors rose nearly 4%.