Nvidia's stock price fell 9% on September 3, hitting its lowest level since mid-August at $108 a share. Although the general stock market fell on the first trading day of September, Nvidia, the leader in the production of AI chips showed the worst results among the Magnificent Seven companies. The decline in the stock exchanges started with technological companies, then the prices of energy and industrial companies' securities decreased. Analysts believe that Nvidia's stock price will rise in the 4th quarter of this year, when the company will start production of its latest generation Blackwell chips.

Wall Street's major indexes fell on September 3, with the S&P 500 (.SPX) opening the day down more than 2% and the Nasdaq Composite (IXIC) down more than 3%, driven by investor optimism about the AI sector amid a massive sell-off in the stock market following relatively weak economic indicators. On Tuesday, the S&P 500, Nasdaq and Dow Jones posted their biggest daily declines since early August. According to analysts, the reason for such a decline is, firstly, the drop in shares of chip manufacturers in the conditions of decreasing optimism for products with AI, as well as seasonality. September is usually considered one of the weakest months in terms of stock market indicators.

US economic growth was 3% year-on-year in the last quarter, driven by growth in consumer spending and business investment, the US government said on Thursday, revising its initial estimate. Earlier, the Commerce Department estimated that the country's gross domestic product, the total output of goods and services, rose 2.8 percent between April and June. Growth in the second quarter accelerated sharply compared to the weak growth rate of 1.4% in the first three months of this year. Consumer spending, which accounts for about 70% of US economic activity, rose 2.9% in the second quarter from a year earlier, beating the government's forecast of 2.3%. The growth rate of business investments was also 7.5%, thanks to the 10.8% growth of investments in equipment. A government report shows that the US economy is holding steady despite pressure from continued high interest rates.

Inflation in the Eurozone countries decreased in August, making 2.2%, which is the lowest indicator in the last three years. The data published by Eurostat strengthened expectations that the European Central Bank will reduce the refinancing rate in September. After the report, the euro continued to fall against the pound. The euro rose against the US dollar as investors braced for the Federal Reserve's expected refinancing rate cut in September, which will be the first step toward easing US monetary policy in the current cycle.

This came after inflation in Germany, the eurozone's largest economy, fell 2 percent on the month, more than expected. Economists of the ING financial institution predict that inflation in the Eurozone countries will remain above 2.5% until the end of the year, taking into account the stability of the prices of goods and services. The markets are fully prepared for the fact that the ECB will reduce the refinancing rate by 25 basis points in September and by another 25 points by the end of the year.

Pending US home sales hit a new record low in July. According to the National Association of Realtors, pending home sales in July fell 5.5% from the previous month. The decrease of this indicator was a surprise. Economists polled by the Wall Street Journal had predicted that pending home sales would increase by 0.1 percent in July. The number of home sales transactions has also reached a historic low. Compared to last year, the number of transactions decreased by 8.5%. In fact, the expected reduction in mortgage interest rates did not lead to an increase in activity. The Chief Economist of the National Association of Realtors, Lawrence Yun, explained this mainly due to the problem of affordability of houses and the uncertainty surrounding the upcoming presidential elections in the USA. At the same time, he expressed the opinion that the reduction of interest rates on mortgage loans will attract buyers to the market in the coming months.

Inflation in the United States, which is measured by the change in the Personal Consumer Expenditure Price Index, remained unchanged in July compared to July last year, making 2.5%, the US Bureau of Economic Analysis reported. This is 0.1 percent lower than analysts' forecasts. On a monthly basis, the Personal Consumer Expenditure Price Index increased by 0.2%, which is in line with analysts' estimates.

The core personal consumer spending price index, which excludes volatile food and energy prices, rose 2.6% over the same period, below the 2.7% forecast. The core price index rose 0.2% month-on-month, as expected.

This data did not cause a noticeable reaction to the US dollar. At the time of the report, the US dollar index remained unchanged at 101.37.

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