September 3, 2024 – 7:52 AM PDT
(Reuters) Wall Street’s main indexes fell over 1% as investors assessed latest factory activity data, with a slew of labor market reports due through the week that could influence the extent of monetary policy easing by the Federal Reserve this year.
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A gauge of U.S. manufacturing edged up in August from an eight-month low in July amid some improvement in employment, but the overall trend continued to point to subdued factory activity.
The S&P 500 industrials sector (.SPLRCI) fell more than 1.6% on Tuesday, with stocks such as Caterpillar (CAT.N) and 3M (MMM.N) weighing on the blue-chip Dow as well.
Rate-sensitive chip stocks such as Nvidia (NVDA.O) also fell 5.4%, sending the Philadelphia SE…
