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Wall Street Extends Losses to September

Worries about the global economic slowdown weigh on investor sentiment. Indices continue to fall.

September kicks off with Wall Street in negative territory, extending losses after the three major benchmark indices recorded their worst August in seven years. Investors digest weak data on industrial activity in Europe and Asia, which amplified fears of a global economic slowdown.

The benchmark S&P 500 index is retreating 0.56 percent to 3,933.02 points, accompanied by the Dow Jones industrial, which loses 0.37 percent to 31,392.68 points. The Nasdaq tech, meanwhile, depreciates 0.91%, to 11,708.85 points.Rising borrowing costs, high inflation, the war in Ukraine, and China’s Covid-19 restrictions have led to tepid manufacturing activity in Germany, Britain, Japan, and China, although there are signs of easing cost pressures. US manufacturing data is expected later in the day.

The month thus does not start out any more lively than the previous one. The Dow Jones closed August down about 4.1%, while the S&P and Nasdaq posted losses of 4.2% and 4.6%, respectively.

Notable among Thursday’s declines was Nvidia, which lost 5.99% to $141.91. Performance comes after the chipmaker said that the US government is restricting some sales in China.

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