What is likely to move the market

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Here’s what CNBC TV producers observed as the three major averages started September on a negative note, and what’s on the radar for the upcoming session.

• Tuesday, Nvidia The stock lost more market capitalization than any other stock in a single day: $279 billion. That’s a huge number. CNBC’s New York Stock Exchange reporter Bob Pisani notes that this is the fifth time the stock has lost more than $200 billion in market capitalization in a single day, but Tuesday’s action takes the cake.
• The stock lost 9.5%.
• It is now down 23.3% since June 20. However, it is up 118% in 2024.
• The stock fell another 2% after the close. The move comes after Bloomberg reported that the Justice Department is taking a closer look at antitrust concerns over Nvidia.

• This part of the market held up well on Tuesday. SPDR S&P Dividend Exchange Traded Fund (SDY) fell 0.4% on Tuesday and hit a 52-week high in early trading.
• Some might consider the ETF’s dividend yield to be low. It stands at 2.4% as of Tuesday evening.

• The S&P utilities sector ended flat on Tuesday, but hit a new 52-week high earlier in the day.
• The sector pays a dividend of 3%, as of Tuesday’s close.
• When interest rates fall, some investors turn to utilities which typically pay a decent dividend.
• If you look at the utility sector since March 2022 — when rates started to increase — they’ve increased 7% since then.
• The sector’s Relative Strength Index is 71. Some traders might think this reading suggests the utilities sector is overbought, but that doesn’t necessarily mean it’s guaranteed to fall.
• Over the past month, NRG Energy is the best performing sector, with a 14% increase over the period.
• PG&E is up 8.3% in one month.
• Energy of the constellations is up 6.4% in one month.
• At the bottom of the stack: American Water Works is down 2.6% over the past month, while AES is down 2.2%. Evergy is down by almost 0.8% in one month.

• The S&P energy sector edged lower Tuesday, losing 2.4%. It is now 9.4% from its April peak.
• APA was the biggest drag, down 6% on Tuesday.
• EOG Resources And Halliburton were down 4% during the session.
• Exxon Mobil fell 2.1% during the day. Chevron fell by 2.2% and ConocoPhillips fell by 3.46%.
• CNBC’s Pippa Stevens will resume coverage Wednesday.
• Brent and WTI are both down 4% in one month.
• The S&P energy sector remained stable over the same period.
• Oneok And Targa are up 15% in one month. Williams Companies increased by 8% during this period.
• APA, Halliburton and SLB are lagging behind: all three are down about 6% in one month.

• CNBC’s Contessa Brewer will take a look at gambling stocks on Wednesday as we approach the first game of football season.
• The Kansas City Chiefs will face the Baltimore Ravens on Thursday at 7 p.m. ET on NBC and Peacock.
• DraftKings The stock has fallen 22% since Feb. 12, the day after the Super Bowl. The stock is down 32% from its March high.
• Beat is 3% over the same period. The stock is 9% off its March high.
• MGM Resorts is down 22% since then. Caesar Entertainment is down 19% over that period. MGM is down 25% from its April peak, and Caesars is down 35% from its September peak.
• By the way, on Thursday’s “Squawk Box,” CNBC will be releasing a highly anticipated list of NFL team values. Don’t miss it. It’s going to be huge.

• The report will be released before the bell on Wednesday morning.
• Dollar General This was reported last week, and it wasn’t pretty.
• Dollar General shares fell after the company reported earnings Thursday. The stock was up 1% on Tuesday, but it’s still down about 33% in a week.
• Dollar Tree is 45% off its March high. Shares have fallen 14% in a week.