September Curse Real, Wall Street ‘Fires’

Jakarta, CNBC Indonesia – The United States (US) stock exchange experienced a sharp decline on Thursday (3/9/2020). This happened after a record at the close of last August.

The Nasdaq technology-rich index fell 5% or ended at 11,458.10 positions. This follows yesterday’s sell-off in technology stocks.

The Dow Jones slumped 2.8% to 28,292.73. Meanwhile the S&P 500 fell 3.5% to 3,455.06.

“The market is overbought and is about to retreat,” said analysts at Quincy Krosby, chief US market strategist at Prudential Financial.

According to him, historically September was a bad month for the stock market.

Big tech companies are on the decline. Apple shares slumped 8%, Alphabet 5% and Tesla 9%.

The sell-off came after mixed US economic data was reported. The US noted a slowdown in the service sector in August.

Not to mention the bigger-than-expected jobless claims and this year’s record layoffs. The US also posted a large trade deficit, which was unexpected in July.

[Gambas:Video CNBC]

(Head / head)


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