US stocks fell dramatically on Wednesday, with the Dow Jones closing 525.05 points lower, closing at 26,763.13. The Nasdaq lost 330.65 points to close at 10,632.99, and the S&P 500 suffered a loss of 78.65 points, closing at 3,236.92.
Driving the losses was electric car maker Tesla, which lost 9.2% of their value after owner Elon Musk made new promises about higher production levels for 2020 as well as a cheaper battery he hopes to begin making. News also broke on Wednesday that Tesla was suing US Trade Representative Robert Lighthizer over several tariffs on trade with China, seeking to be repaid the costs of higher import costs for several parts of its cars, with interest.
Other stocks that lost substantial value on Wednesday were Amazon, which declined by 4.1%, Alphabet by 3.5%, Microsoft by 3.1%, and Apple by 4.2%.
According to CNBC, the possibility of new pandemic-related lockdowns in the United Kingdom still hangs heavy over US stock trading. UK Prime Minister Boris Johnson warned the country had reached a "perilous turning point," announcing new lockdown restrictions for the next six months on Wednesday. The measures include new requirements for wearing face masks, higher fines for not wearing masks or gathering in groups of more than six, and restricted hours for pubs, bars and restaurants, among others.
British Foreign Secretary Dominic Raab also warned on Wednesday that a second full-scale lockdown cannot be ruled out, either. The government's chief medical advisers have warned that without substantial action, the UK could reach a situation by mid-October when there are 50,000 new COVID-19 cases per day.