Jakarta, CNBC Indonesia – Shares in Stock Exchange United States (US), Wall Street, closed down on trading Wednesday (23/9/2020). The fall occurred due to the lack of good news to sustain the market.
The Dow Jones Industrial Average closed 525.05 points lower or fell 1.9% to 26,763.13. Earlier in the session, the Dow was up 176 points. Meanwhile, the S&P 500 plunged 2.4% to 3,236.92 and the Nasdaq Composite fell sharply by 3% to close at 10,632.99.
“Investors are whipped up by conflicting Covid headlines and the growth vs. cyclical debate,” said Adam Crisafulli of Vital Knowledge in a note. “The result is a deteriorating sentiment on growth and cyclicality for now (which obviously means the stock will be broadly sold).”
The outbreak of the corona virus (Covid-19) around the world is not yet under control. Even some countries, including the US, continue to report rapid growth in the number of new daily cases.
Currently the US still has the most cases of corona than any other country. There are 7,135,588 cases of corona in the US, where 206,482 people died and 4,384,267 people recovered.
Apart from the health sector, stock prices are also under pressure due to the poor performance of technology stocks. That’s because the sizeable fall in share prices occurred in the technology sector, where Amazon and Netflix shares tumbled 4.1% and 4.2%, respectively, the biggest drops among “Big Tech” stocks. Facebook fell 2.3%. Alphabet fell 3.5%. Apple also fell 4.2% and Microsoft shed 3.3%.
Tesla’s share price also plunged badly, dropping by 10.3% after Elon Musk submitted a prediction for new shipments for 2020 and detailed the design of a new battery which he claims will make Tesla car production cheaper. Share prices were also under pressure after Tesla demanded the US government cancel tariffs on China.
During this September, the S&P 500 has fallen 7.5%, and the Dow is down 5.9%. On the other hand, Nasdaq has fallen 9.7% over the same time period.
“The rotation from technology and into cyclical stocks has picked up in September,” said Art Hogan, chief market strategist at National Securities.
“September is a historically difficult month and this one has become a headwind storm. Today reflects that.”
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