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Wall Street Set to Open Lower Wednesday as Nvidia Drags Down Markets
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Wall Street Set to Open Lower Wednesday as Nvidia Drags Down Markets
Sep 6, 2024 12:17 PM

09:15 AM EDT, 09/04/2024 (MT Newswires) -- US stocks look set to open lower in Wednesday's trading session, dragged down by media reports that chip-making giant Nvidia ( NVDA ) is facing an antitrust investigation into its dominant position in the artificial intelligence business.

Meanwhile, investors will be looking ahead to job vacancies data set to be released later in the morning, as well as key employment figures coming out Thursday.

The Dow Jones Industrial Average futures were off 0.09%, S&P 500 futures were down 0.28%, and Nasdaq futures were declining 0.56%.

The US Bureau of Labor Statistics' monthly survey gauging job openings will be announced later in the morning. Forecasters are expecting job vacancies to decline to approximately 8.1 million in July from 8.2 million the previous month, according to Bloomberg.

Oil prices reversed course from earlier in the premarket session and were moving slightly lower, with front-month global benchmarks Brent crude and West Texas Intermediate crude declining 0.15% and 0.13% respectively.

In other world markets, Japan's Nikkei plummeted 4.24%, Hong Kong's Hang Seng dropped 1.10%, and China's Shanghai Composite was down 0.67%. Meanwhile, in Europe's early afternoon session, the UK's FTSE 100 was down 0.54%, while Germany's DAX and France's CAC were falling 0.84% and 1.09% respectively.

In equities, shares of Conifer Holdings ( CNFR ) jumped 62% pre-bell after it said Tuesday that it promoted President Brian Roney to chief executive. WiSA Technologies' ( WISA ) shares advanced 59% after it agreed to acquire the Datavault intellectual property and information technology assets of privately held Data Vault for $210 million. Windtree Therapeutics' ( WINT ) stock surged 46% after it said Wednesday that it has completed enrollment in a phase 2b study of istaroxime to treat early cardiogenic shock caused by heart failure. Shares of LogicMark ( LGMK ) surged 21%, adding to Tuesday's 13% gain. And GitLab's (GTLB) stock rose 12% after reporting overnight higher fiscal Q2 non-GAAP net income and revenue from a year earlier.

On the losing side, shares of Athira Pharma ( ATHA ) plummeted 73% after it said late Tuesday that topline results from its phase 2/3 trial of fosgonimeton to treat Alzheimer's disease failed to meet the primary and main secondary endpoints. Oragenics' ( OGEN ) shares plunged 48%, adding to a 16% loss the previous session. Shares of Shuttle Pharmaceuticals ( SHPH ) tumbled 24%, more than wiping out Tuesday's 17% gain. Zscaler ( ZS ) shares were down 17% after the cloud security company reported overnight lower-than-expected guidance for non-GAAP earnings for fiscal Q1 and lowered its outlook for fiscal 2025. And shares of Core & Main ( CNM ) fell 16% after it lowered its full-year fiscal 2024 net sales guidance Wednesday.

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