Tech pressure adds to September blues on Wall Street

spike

Traders work on the floor of the New York Stock Exchange.

Spencer Platt | Getty Images

Dow Jones Industrial Average drops 525 points

‘FAANGM’ lower once again

Amazon, Apple and Netflix were all down by more than 4% to lead lower the group of tech stocks known as “FAANGM.” Facebook slid 2.3% and Alphabet dipped 3.5%. Microsoft pulled back by 3.3%. Those declines added to already steep FAANGM losses for the month. 

Virus and stimulus uncertainty

Investors have faced a slew of headwinds this month, including a rising number of global coronavirus cases and uncertainty around further U.S. fiscal stimulus. Earlier this week, the U.K. said it would impose stricter measures to curb the coronavirus outbreak. To be sure, President Donald Trump said the U.S. would not be implementing a second round of lockdowns. On the stimulus front, lawmakers are still struggling to move forward with a new package. Federal Reserve Chairman Jerome Powell told a congressional panel Wednesday that further fiscal stimulus is still needed for the U.S. economic recovery to continue. 

What happens next?

Weekly jobless claims are set for release Thursday morning along with new home sales numbers. 

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