Uncertainty has persisted into September, continuing the trend set by August, which left investors puzzled and uncertain about market directions.

In the technology sector, Bitcoin and Ether prices have been confined within a narrow range this week, reflecting declining investor interest. Broadcom’s (NASDAQ:AVGO) recent quarterly report further contributed to the cautious mood among market participants. Meanwhile, Tesla (NASDAQ:TSLA) captured headlines by hinting at the imminent release of its full self-driving technology in selected markets, and Intel (NASDAQ:INTC) might find a buyer for its design business.

Stay updated on the latest tech developments with the Investing News Network’s comprehensive round-up.

**1. Turbulent Start to September for the Tech Sector**

US markets started the week with significant declines, marking the largest daily percentage drops since August 5. On Tuesday (September 3), the Nasdaq Composite (INDEXNASDAQ:.IXIC) plummeted by 2.85 percent, the S&P 500 (INDEXSP:.INX) fell by 1.83 percent, and the Russell 2000 (INDEXRUSSELL:RUT) decreased by 2.77 percent.

The downturn was driven by disappointing US manufacturing data for August. The S&P Global US Manufacturing PMI fell to 47.9 in August from 49.6 in July, staying below 50 for the second consecutive month. The ISM Manufacturing PMI also recorded 47.2 percent in August, up slightly from 46.8 percent in July but still indicative of contraction.

In Canada, weak S&P Global Canada Manufacturing PMI data negatively impacted the S&P/TSX Composite Index (INDEXTSI:OSPTX), revealing lower output and demand along with modest employment reductions.

On Wednesday (September 4), the Bank of Canada cut interest rates for the third time this summer. Concurrently, the US Department of Labor’s JOLTS report showed job openings at a three-and-a-half-year low in July, down by 1.1 million from a year earlier. Despite these developments, major indexes remained relatively stable, although the Nasdaq Composite experienced a drop at the opening bell due to a selloff that wiped out nearly 9.5 percent of NVIDIA’s (NASDAQ:NVDA) value within 24 hours. This decline followed Bloomberg’s report that the US Department of Justice had subpoenaed NVIDIA as part of an antitrust probe—a claim NVIDIA later denied.

Thursday’s (September 5) economic data from the US and Canada presented a mixed picture. The US services sector showed resilience with non-manufacturing PMI increasing to 54.5 in August, while the ADP National Employment report revealed a cooling labor market, with only 99,000 jobs added instead of the forecasted 145,000—the lowest hiring rate in three years. In Canada, the S&P Global Canada Services PMI edged up to 47.8 in August from 47.3 in July but remained below the no-change mark of 50, indicating continued contraction.

Traders were cautiously optimistic ahead of Friday’s (September 6) non-farm payrolls report, a key indicator of economic health for the US Federal Reserve. Major indexes initially opened higher but fell after the report showed only 142,000 new jobs added compared to an estimated 160,000. Additionally, the unemployment rate decreased by 0.1 percent from July’s 4.3 percent. The VIX rose above 22 as concerns grew about the economy’s ability to remain resilient until interest rate relief arrives.

In Canada, Statistics Canada’s labor force survey indicated a modest gain of 22,000 jobs in August, while the jobless rate increased to 6.6 percent from July’s 6.4 percent. These data points paint a complex picture of economic health on both sides of the border.

**2. Crypto Crash Extends into September**

The cryptocurrency market has faced ongoing challenges since the August 5 downturn due to a mix of factors such as investor sentiment, regulatory uncertainties, and broader macroeconomic conditions. Over the past seven days ending Friday afternoon, Bitcoin and Ether have declined by 4.2 percent and 6.5 percent, respectively.

Bitcoin has experienced sharp corrections at the start of each month in Q3 but has stalled recently due to reduced retail investor demand and muted sentiment around ETFs. Its price has been on a downtrend since hitting US$65,000 on August 25. Diminished miner profitability and increased mining difficulty have also negatively impacted Bitcoin’s price.

Ether has similarly struggled, partly due to declining activity on the Ethereum mainnet and underwhelming performance of Ether ETFs. On Tuesday, Bitcoin fell to US$56,160, losing 2.83 percent within an hour, while Ether dropped by 4.35 percent in the same timeframe. Both currencies saw a brief surge on Wednesday morning, with Bitcoin reaching US$58,393 and Ether climbing to US$2,476 before resuming their downward trajectory as the week progressed. By midday Friday, Bitcoin had plunged to US$53,304 and Ether to US$2,192, according to CoinGecko.

The recent price movements reflect cautious market sentiment with concerns about a potential US recession leading investors to reduce exposure to riskier assets like cryptocurrencies. Although brief rallies have occurred, the overall trend remains downward, signaling a “sell-on-rise” mentality among investors.

**3. Broadcom’s Quarterly Results Underwhelm**

On Thursday, Broadcom reported its third fiscal quarter results, revealing a 47 percent year-on-year revenue increase to US$13.07 billion—slightly surpassing analysts’ expectations of US$13.03 billion.

Adjusted earnings per share also exceeded forecasts at US$1.24, beating estimates by US$0.02. The company’s board approved a quarterly cash dividend of US$0.53 per share to be paid on September 30.

For the next quarter, Broadcom projected revenue around US$14 billion, which is 51 percent higher than the previous year but fell short of analysts’ expectations of US$14.13 billion.

Despite the revenue increase, Broadcom experienced significant declines in broadband and non-AI networking revenues in Q3, falling by 49 percent and 41 percent respectively.

Following Thursday’s report, Broadcom’s share price dropped by 6.52 percent and opened on Friday at US$142.86, highlighting the high expectations for AI companies.

**4. Tesla to Launch Full Self-Driving in Europe and China**

Elon Musk’s Tesla received a boost in share price this week amid growing momentum for a company that has lost over 15 percent of its market value year-to-date. Despite ongoing challenges with its full self-driving technology in the US—including investigations by the National Highway Traffic Safety Administration—Tesla announced plans to roll out full self-driving capabilities in Europe and China by Q1 2025.

The announcement was made on Wednesday night via a post on X (formerly Twitter). Tesla also outlined upcoming AI enhancements such as eye-tracking integrated with sunglasses and an auto-park function designed specifically for the Cybertruck; however, market availability for most features was not specified.

Tesla’s share price rose by 6.52 percent on Thursday morning to US$234.08 from the previous day’s close—its highest level since July 31—before declining and closing the week at US$210.73, up by 0.97 percent.

**5. Qualcomm Eyes Intel’s Design Business**

According to Reuters, Qualcomm (NASDAQ:QCOM)—a significant Apple (NASDAQ:AAPL) supplier—is considering acquiring part of Intel’s design business, although Intel has yet to confirm this news.

Intel has been a major beneficiary of President Joe Biden’s Chips and Science Act funding and has heavily invested in its AI initiatives. Its Gaudi chips compete directly with NVIDIA’s Hopper architecture. However, Intel’s advanced chip manufacturing technology, including its 18A silicon wafer process, has faced developmental hurdles; it recently failed testing by Broadcom.

Intel’s value has declined by over 60 percent year-to-date and dropped another 11 percent this week alone. The company is also at risk of losing its position in the Dow Jones Industrial Average (INDEXDJX:.DJI).

On August 1, Intel released its Q2 results and projected Q3 revenue below analyst estimates while suspending dividend payments to fund its chipmaking efforts further. The company also announced plans to cut its workforce by 15 percent, resulting in a further 24.37 percent drop in its share price during after-hours trading.

CEO Pat Gelsinger is expected to present a strategic plan later this month that may include separating Intel’s product business from its manufacturing unit or scrapping some factory projects.

Intel’s share price fell by 2.63 percent on Friday to end the week at US$18.89.

Follow @INN_Technology for real-time updates on these stories and more!

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.