💻 VGT Drops as Nvidia Faces Scrutiny, Broadcom's Q4 Outlook Disappoints, and Jobs Data Reveals Labor Market Struggles | Tech Sector Insights
Nvidia (NVDA) fell to a four-week low amid concerns regarding anticompetitive practices and reports of circumventing U.S. controls in China. Broadcom (AVGO) reported a net loss in Q3 but exceeded earnings estimates, though its weak Q4 revenue outlook contributed to a stock price drop.
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Friday, September 6
VGT [-1.6%]
The Vanguard Information Technology ETF (VGT) has declined by 1.6% since Thursday, influenced by significant movements among its holdings. Nvidia (NVDA) fell to a four-week low amid concerns regarding anticompetitive practices and reports of circumventing U.S. controls in China. Broadcom (AVGO) reported a net loss in Q3 but exceeded earnings estimates, though its weak Q4 revenue outlook contributed to a stock price drop. Microsoft (MSFT) underperformed without specific details available. Additionally, the recent Non-Farm Payrolls report indicated job growth of 142K in August 2024, below the expected 160K, while the unemployment rate slightly decreased to 4.2%. Average hourly earnings rose by 0.4%, surpassing forecasts, and year-over-year earnings increased to 3.8%, highlighting ongoing challenges in job growth despite some stabilization in labor market indicators.