The S&P 500 Index closed down 1.44% on Tuesday, reaching a 1.5-week low, while the Dow Jones Industrial Average decreased by 0.09%, and the Nasdaq 100 fell 3.29%, marking a 1-week low. The declines were driven by concerns over the high valuations in the semiconductor and memory sectors, leading to a global sell-off. September E-mini S&P futures and Nasdaq futures fell by 1.41% and 3.28%, respectively.
In Asia, Japan’s Nikkei fell more than 3%, and South Korea’s Kospi dropped over 10%, as foreign investors sold off $2.5 billion in shares, heavily impacting stocks like SK Hynix and Samsung Electronics, which each declined by over 12%. The U.S. manufacturing PMI unexpectedly rose to 55.7, the highest in four years, but the Richmond Fed manufacturing survey indicated weaker conditions. The markets are currently pricing in a 36% chance of a 25 basis point rate hike by the Federal Reserve later this month.
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