On the 5th, the New York stock market saw an increase in sell orders aimed at locking in profits, especially in high-tech stocks, and the Dow Jones Industrial Average at one point dropped significantly by more than $500.
The closing price of the Dow Jones Industrial Average on the New York Stock Exchange on the 5th was $38,585.19, 404.64 cents lower than the previous day.
This is the second day in a row that the Dow Jones Industrial Average has fallen.
It was reported that sales of IT giant Apple's smartphones in China have fallen since the beginning of this year, leading to an increase in sell orders among investors to lock in profits, especially in high-tech stocks, and the Dow Jones Industrial Average stock price has increased. At one point, the price drop exceeded $500.
The Nasdaq stock index, which has many high-tech stocks, also fell by a significant 1.6%.
A market source said, ``While economic indicators showing business confidence in the U.S. non-manufacturing industry were lower than market expectations, and there was a view that the Federal Reserve Board would start cutting interest rates sooner, "Many investors were looking to lock in their profits ahead of Chairman Powell's scheduled testimony before Congress."