The United States (US) stock market was steady on Monday after the major average suffered heavy losses in the first week of September.
Last week, the S&P 500 fell 4.25% for its worst week since March 2023, while the Nasdaq Composite fell 5.77% for its biggest weekly drop since January 2022.
Semiconductor stocks led decliners last week including Nvidia (-13.9%), Broadcom (-15.9%), AMD (-9.6%), SMCI (-11.7%) and ASML Holdings (-16.7%).
Energy and basic materials stocks also recorded significant losses such as Exxon Mobil (-4.5%), Chevron (-6.4%) and Linde (-4.5%).
The move came as weak US labor market and manufacturing data stoked concerns of a slowing economy.
The August jobs report revealed that job growth rose less than expected, but the unemployment rate was lower.
Investors now await key inflation data this week that could provide more insight ahead of the Federal Reserve's interest rate decision this month.
