Comment by Peter A. Markavage, WA2CWA:
Actually, the AM setup is not in question here relative to the "downward" movement of an external meter when a 756PRO series radio is used in the AM mode. It is a very simple visual anomaly when someone uses an external wattmeter, SWR bridge or antenna tuner that has those cross needle meters on them, or separate meters which read forward power and reflected power at the same time.

As one uses a PRO on AM barefoot or with an amplifier, with these meters and without any ALC adjustments, key down carrier obviously is constant. When speaking into the mike, however, the forward meter will bob downward. The perception by the viewer is something akin to this: "Why am I 'losing' power when I talk?"  In reality, it is merely the internal ALC doing its job.