US equity markets resumed trading following the Labor Day holiday with steep falls, as Technology stocks undergo fresh selling pressure - Dow dropped -632-points or -2.25%. Boeing Co fell -5.8% after the Wall Street Journal reported that production problems at a 787 Dreamliner factory prompted air-safety regulators to review quality-control lapses that could stretch back almost a decade. JPMorgan Chase & Co fell -3.5%, after the banks said it found evidence of employees and customers misusing the government’s flood of stimulus funds this spring and is cooperating with authorities The broader S&P500 shed -2.78% to cap its worst three day stretch (down -%) since June. The technology-centric NASDAQ tumbled -4.11% to 10,847.69, booking its quickest slide ever from a record close to correction territory after falling 10.03% from its record closing high of 12,056.44 on 2 September. A correction is typically defined as a drop of at least 10% from the prior closing high, which the Nasdaq accomplished overnight after only three trading sessions. Apple Inc fell -6.7% and logged its worst three-day slump since October 2008, according to Bespoke Investment Group. Tesla Inc fell -21.06% (to US$331.21) to log a record one-day decline after S&P Dow Jones Indices on Friday (4 September) unexpectedly decided not to include the electric-vehicle maker in the S&P500 as part of their latest re-balance.
