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.
(Head / head)