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Wall Street continued to decline on the last trading day of this week.
September is historically a weak month on the stock markets.
Mark Lennihan / AP
Published:,
Wall Street noted further declines on Friday, but the decline was calmer than yesterday after the leading indices rallied significantly during trading.
This is how it looks at the close of the trade:
- The Dow Jones fell 0.56 percent
- Nasdaq Composite fell 1.27 percent
- The S&P 500 fell 0.81 percent
September is historically a weak stock market period and is often referred to as a “horror month.”
On Thursday, tech stocks led a sharp drop in the US stock market, where the Nasdaq heavy tech fell 4.96 percent.
The results came after an exceptionally strong August on Wall Street, when both the Nasdaq and the S&P 500 hit new records.
– natural
– It’s only natural that high-priced IT stocks don’t just rise, explains Storebrand manager Hans Thrane Nielsen.
He notes that giants like Amazon, Apple, and Microsoft are “well-run companies likely to set profit records this year,” but that traditional price multiples for these companies are now in line or above the winter of 1999/2000.
So it is only a short time before the information technology bubble burst and a major crisis began in the stock market.
– At the same time, there are more pockets in industry, energy and transportation that are normally the price of low bikes, Nielsen emphasizes.
Among the tech giants, Amazon fell 2.18 percent, Facebook fell 2.88 percent, while Alphabet fell 2.98 percent. Tesla and Apple rose slightly.
1.37 million new jobs in the United States
The recent US government payroll report shows that 1.37 million new non-farm jobs were created in the US in August.
In anticipation, employment growth of 1.35 million was expected, after the previous three months had an average growth of just over 3 million, according to Handelsbanken.
Looking ahead, it will be critical to economic development that the labor market continues to improve steadily. Not least, it will prevent the number of long-term unemployed from growing too high and causing lasting damage to the American job market through the erosion of knowledge and skills, writes senior economist Halfdan Grangård in Friday’s morning report.
Friday’s report also shows unemployment falling to 8.4 percent. This is the lowest unemployment rate in the United States since the corona pandemic broke out in March.
Wall Street is trying to save itself from yesterday’s crash
