All 11 sectors of the S&P 500 fell, with tech taking the brunt of the pain.
Apple, which is down 15% from its record high, may launch its newest iPhones at its Sept. 15 event. Apple also countersued Fornite maker Epic Games, alleging breach of contract.
The Philadelphia Semiconductor Index fell on a report that the Trump administration is looking at adding Chinese chip giant, SMIC, to the Commerce Department’s “Entity List,” which would bar it from doing business with U.S. firms.
Energy stocks plunged, with oil prices lower on questionable demand.
Here are three things that may move markets tomorrow:
1. Economic data
The Bureau of Labor Statistics will release its latest JOLTS job opening data at 10:00 AM ET (1400 GMT).
Analysts tracked by Investing.com expect to see 6 million, which would be more than the 5.889 million reported for the previous month. The survey helps measure job vacancies and recruiting trends.
Zscaler (NASDAQ:ZS) reports earnings on Wednesday. The cloud-based information security company is expected to publish earnings per share of 3 cents on sales of $118.55 million. Shares have almost tripled in 2020.
GameStop (NYSE:GME) is set to report a loss per share of $1.14 on sales of $1.01 billion. The video game retailer has almost quadrupled since April.
The U.S.-China Economic and Security Review Commission will hold an online hearing on relations between the countries. The hearing will evaluate key developments in China’s economy, military capabilities, and foreign relations during 2020. Panelists will address the Chinese Communist Party’s perceptions of its strategic environment and domestic legitimacy, as well as recent changes in its approach to foreign policy, and assess China’s current strengths and weaknesses in its foreign policy, military capabilities, and economy.