Stocks fell on Wednesday as Wall Street’s September struggles continued, with tech shares sliding once again.
The Dow Jones Industrial Average had crumbled 84.64 points by noon EDT to 27,203.54,
The S&P 500 lost 20.93 points to 3,294.64.
The NASDAQ had let go of 113.61 points, or 1%, into noon hour to 10850.03.
September continues to be a weak month for stocks with all three averages posting three straight weeks of losses. The Dow is down more than 4% in September and the S&P 500 has forked over 5.3% and NASDAQ has lost 6.9% this month.
Shares of Amazon dropped more than 1% along with Netflix to lead most of Big Tech lower. Alphabet slid 1.3%; Microsoft and Apple were down 0.9% and 0.8%, respectively. Shares of Tesla fell 5.2% after Elon Musk offered new delivery predictions for 2020 and detailed a new battery design that it claims will make its cars cheaper to produce.
Meanwhile, Johnson & Johnson started a phase 3 trial of its coronavirus vaccine. J&J shares were up 1.2%.
Nike shares jumped more than 8% after the company said digital sales surged more than 80% last quarter. Earnings and sales blew past analysts expectations last quarter and the company gave a forecast for growth in the new fiscal year.
Prices for the 10-Year Treasury were lower, driving yields up to 0.68% from Tuesday’s 0.67%, Treasury prices and yields move in opposite directions.
Oil prices added 46 cents to $40.26 U.S. a barrel.
Gold prices dropped $33.10 to $1,874.50 U.S. an ounce.
Dow Turns Negative After Initial Gains
