Wall Street today: Dow Jones, S&P 500, Nasdaq drop over 1% with economic data in focus, Nvidia tanks over 6%

US stock indices slipped more than 1 per cent on Tuesday as investors focussed on a slew of economic data this week. 

The economic data could influence the extent of monetary policy easing by the US Federal Reserve this month.

At 10:09 a.m. the Dow Jones Industrial Average fell 431.56 points, or 1.04 per cent, to 41,131.52, the S&P 500 lost 63.42 points, or 1.12 per cent, to 5,584.98, and the Nasdaq Composite lost 263.57 points, or 1.49 per cent, to 17,450.06.

As of 9:35 am Eastern time, the S&P 500 was 0.7 per cent lower, the Dow Jones Industrial Average was down 0.4 per cent, and the Nasdaq Composite declined 1.1 per cent.

At the opening bell, the Dow Jones Industrial Average fell 73.41 points, or 0.18 per cent, to 41,489.67. The S&P 500 was lower by 24.51 points, or 0.43 per cent, at 5,623.89, while the Nasdaq Composite dropped 128.17 points, or 0.72 per cent, to 17,585.45.

Nvidia Corp. led losses in chipmakers. Its stock tanked more than 6 per cent.

A report showed that US manufacturing activity declined in August for a fifth month.

Stocks of Apple and Alphabet lost more than 1.6 per cent each.

 Boeing plunged 8 per cent after Wells Fargo downgraded the planemaker's Stock.

Among the economic data, the spotlight is on jobs report for August to be released on Friday.

In the bond market, the yield on the 10-year Treasury fell to 3.84 per cent from 3.91 per cent late on Friday.

Crude oil

Oil prices shed more than 3 per cent on Tuesday after a news report that a deal was imminent to resolve a dispute that has halted Libyan production and exports.

Brent crude futures were down $3.08, or 4 per cent, to $74.44 a barrel at 1333 GMT. West Texas Intermediate crude futures were down $2.55, or 3.5 per cent, at $71.00.

Bullion

Gold prices were flat on Tuesday as attention shifted to US jobs data due this week.

Spot gold was at $2,498.87 per ounce by 1111 GMT. US gold futures rose 0.1 per cent to $2,530.70.