Stock prices plummet amid tech selloff, rising interest rates

New York City. With bond prices dropping interest rates have been surging resulting in the Dow Jones Industrials Average falling over 200 poin

The sharp decline in stocks was led by a fall in shares across several of the world's largest technology giants. After months of declines, gold made its biggest jump in two years.

Investors were concerned that the Federal Reserve will continue to raise interest rates and that this will slow economic growth and make borrowing more expensive for the US government, as well as businesses and consumers.

Volume on USA exchanges was 11.44 billion shares, its highest level since February and compared with the 7.65 billion-share average for the full session over the last 20 trading days.

And there are lingering concerns about the unresolved trade dispute between the US and China.

Japan's Nikkei 225 added 0.2 percent, South Korea's Kospi dropped 1.1 percent and the Hang Seng in Hong Kong gained 0.1 percent.

Dow Industrial Average Futures were down by about 300 points, or 1.2 percent, in pre-market trading, implying a sharply lower opening on Thursday after falling more than 3 percent on Wednesday. The Russell 2000 index of smaller-company stocks shed 37 points, or 2.3 per cent, to 1,584.

Wednesday marked the largest single-day decline in the Dow Jones since February 8, when it fell 1,032 points to close at 23,860. Even utility stocks, which tend to pay big dividends, fell slightly Wednesday.

The CAC 40 in France dropped 2.1 percent, Germany's DAX lost 2.2 percent and the FTSE 100 in London fell 1.3 percent.

The S&P 500 index fell 4 points, or 0.1 percent, to 2,781.

"It's a risk-off environment as investors are focusing on spiking yields and taking profits off the table as they are concerned about whether the bull market is actually coming to an end", said Ryan Nauman, market strategist at Informa Financial Intelligence in Zephyr Cove, Nevada. It has climbed 28 percent since Donald Trump was elected. That's good news for markets: If inflation were to spike, it would push the Federal Reserve to get more aggressive in raising interest rates. "They're so tight. I think the Fed has gone insane", he told reporters while traveling in Pennsylvania on Wednesday.

Bond yields, which have spiked over the last week, slid after the Labor Department said consumer prices rose less than economists expected in September.

Donald Trump: US 'very tough' in bid to find missing Jamal Khashoggi
Corker said that sanctions could "absolutely" target Saudi Crown Prince Mohammed bin Salman in an interview that followed. Erdogan told reporters on a flight back from Hungary that Turkey is anxious about the Khashoggi's disappearance.

Benchmark U.S. 10-year Treasury notes rose late in the day, pushing yields down to 3.1931 percent.

This time around, strong economic data anxious bond investors, who sent the benchmark yield on Tuesday to 3.261 percent, the highest since early May 2011.

The S&P 500 was down 55 points, or 1.9 percent, at 2,824-on pace for its worst day since June.

Earnings season kicks off with reports from JPMorgan Chase, Citigroup and Wells Fargo. Investors see many of these countries as being vulnerable to higher US interest rates, which can pull away investment dollars.

In health care, CVS sank 7.2 percent to $73.25 and Aetna sagged 2 percent to $199.37 after the New York Post said New York state regulators have concerns about CVS' purchase of the health insurer.

Amazon dropped another 3.4 percent to $1,694.01 and Apple fell 1.4 percent to $213.25. Microsoft and Alphabet, Google's parent company, were little changed. After years of big gains, those stocks are now out of favor.

The S&P 500 posted no new 52-week highs and 62 new lows; the Nasdaq Composite recorded 6 new highs and 291 new lows.

Concerns about U.S. -China ties weighed heavily, too. Brent crude, the global standard, dropped 3.4 percent to $80.26 a barrel in London. The Nasdaq composite rose 15 points, or 0.2 percent, to 7,436. Heating oil shed 2.6 percent to $2.33 a gallon.

The communication services sector also rose 0.49 percent on Thursday, with Facebook and Alphabet both rising 1.4 percent.

The dollar slipped to 112.17 Japanese yen from 112.27 yen late Wednesday.

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