Bloomberg Evening Briefing: August’s Recovery Suddenly a Memory for Wall Street

Stocks had their worst day since last month’s mini-slump, and the S&P 500 fell more than 2% as growth and monetary concerns likely combined to burn risk assets. As in August’s episode, technology suffered the most, with Nvidia leading the decline of chipmakers. But the similarities don’t end there. The yen jumped, a closely watched manufacturing indicator missed forecasts, and oil fell sharply on worries about summer global demand. Wall Street’s “fear gauge” soared, and Treasury yields fell. Still, a U.S. Federal Reserve rate cut is (likely) just around the corner, and we all know what happened last month when the dust settled. Here’s a market recap.

Speaking of Nvidia, The U.S. Justice Department has sent subpoenas to the company and others as it seeks evidence that the chipmaker violated antitrust laws, escalating its investigation into the dominant artificial intelligence supplier. Antitrust officials are said to be concerned that Nvidia is making it harder to switch to other suppliers and penalizing buyers who don’t exclusively use its AI chips.