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Stocks Slip as Weak Jobs Data and Broadcom’s Reported OpenAI Deal Reorder AI Trade

A soft August jobs print reset rate‑cut bets, fueling a rotation toward Broadcom at the expense of Nvidia and AMD.

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Overview

  • The U.S. added 22,000 jobs in August and unemployment rose to 4.3%, pushing short‑term yields lower and boosting odds of a Federal Reserve rate cut.
  • Early gains faded into the close with the S&P 500 down about 0.3%, the Dow off 0.5%, and the Nasdaq roughly flat.
  • Broadcom beat quarterly estimates, said AI revenue jumped 63% year over year, and disclosed roughly $10 billion in orders from a new customer reported by media to be OpenAI, sending shares up about 9%.
  • Nvidia and AMD fell as investors recalibrated AI‑chip exposure, with AMD also pressured by a Seaport downgrade citing concerns about its AI accelerator traction.
  • Lululemon plunged after cutting guidance on softer U.S. demand and tariffs, Tesla rose on a proposed roughly $1 trillion pay plan for Elon Musk, and Kenvue slid following a Wall Street Journal report on prenatal Tylenol that the company disputed.