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The Dow Jones industrial average fell 804 points, or 2.9%, almost 1,000 points. The S&P 500 lost 2.6 percent, while the Nasdaq Composite lost 2.3 percent. The major Wall Street indices all had a third straight week of decline.
Tech stocks, which led the market after falling due to the impact of the epidemic, hit a record high and are now posting strong sell-offs. Shares of Apple, Microsoft and Amazon are down at least 1%.
Shares in Nikola, the electric car company that flourished when it announced a project for a new model, fell 20% after the company said founder Trevor Milton voluntarily stepped down as CEO and a member of the board. treatment. The move comes after short-selling company Hindenburg Research accused Nikola of fraud. The SEC and the Justice Department are also reportedly investigating the company. Shares of GM, which recently held an 11% stake in Nikola, fell 5.6%.
Meanwhile, bank shares were widely sold, following a report showing that several global banks were accused of tolerating money laundering. One New investigation By BuzzFeed and the International Association of Investigative Journalists (ICIJ), compliance personnel at large banks “tagged” more than $ 2 trillion in transactions between 1999 and 1999. 2017 could be money laundering or other criminal activity.
Deutsche Bank shares fell 8.3%, while JPMorgan Chase fell more than 2.8%.
Furthermore, tensions between the United States and China continue to rise. China’s Ministry of Commerce announced its long-planned “list of untrusted entities” just a day after the United States announced a ban on WeChat and TikTok.
The S&P 500, the Dow Jones and the Nasdaq Composite all posted a third straight week of declining points last week. The development marks the longest weekly decline on Wall Street since 2019. Facebook, Amazon, Apple, Netflix, Alphabet and Microsoft all posted weekly highs. The Nasdaq Composite is currently in correction, more than 10 percent below its recent all-time high. So far, September has been a difficult time for the US market in general and for tech stocks. As of now, the S&P 500 is down 5% in September.
According to the young intellectuals
