Stocks fell sharply on Wednesday, adding to September’s struggles, as tech shares took another leg lower and investors fretted over uncertainty around the coronavirus pandemic and further stimulus.
The Dow Jones Industrial Average had loosed 525.05 points, or 1.9%, to close at 26,763.13.
The S&P 500 lost 78.65 points, or 2.4%, to 3,236.92.
The NASDAQ dropped 330.65 points, or 3%, to limp into the end the session at 10,632.99.
Shares of Amazon sank 4.1%, and Netflix dropped 4.2%, to lead Big Tech lower. Facebook slid 2.3%. Alphabet closed 3.5% lower. Apple ended the day down 4.2% and Microsoft dipped 3.3%.
Shares of Tesla fell 10.3% after Elon Musk offered new delivery predictions for 2020 and detailed a new battery design that he claims will make Tesla’s cars cheaper to produce. The stock was also under pressure after Tesla sued the U.S. government to overturn tariffs on China.
The S&P 500 is in the red 7.5%, and the Dow is off 5.9% for the month. The NASDAQ has dropped 9.7% over that time period. Shares of Facebook, Amazon, Apple, Netflix, Alphabet and Microsoft are all down at least 11% in September.
Nike shares jumped 8.8% 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 subtracted 19 cents to $39.61 U.S. a barrel.
Gold prices dropped $42.70 to $1,864.90 U.S. an ounce.
