Wall Street savaged by tech sell-off

Dow Jones drops almost 500 points after major stock market declines in Europe & Asia

Thursday's tumble follows a fall by U.S. stocks overnight, which confirmed a correction for the Nasdaq and erased the Dow and S&P 500's gains for the year amid disappointing earnings, economic growth concerns, a spat between Italy and the European Union and the killing of a Saudi journalist. The tech-heavy Nasdaq slid 329.14 points, or 4.4 per cent, to 7,108.40.

Asian markets closed mixed, Tokyo's Nikkei dropped 3.7 per cent, Hong Kong's Hang Seng fell 1.01 per cent and China's Shanghai Composite added 0.02 per cent.

The Dow tumbled 608.01 points, or 2.4 per cent, to 24,583.42.

There was extreme caution for most of the session as the Australian sharemarket surrendered early gains and dropped to a 21-month low mid-session with domestic investors on high alert despite the overnight bounce on Wall Street.

Technology stocks and media and communications companies accounted for much of the selling.

Eastern Time. The index is on course for its worst month since September 2011 and is down 7.5 percent from its most recent high in September.

"Investor sentiment remains cautious as we anticipate the reports of over 100 S&P 500 companies including Amazon (AMZN.O), Alphabet (GOOGL.O) and Comcast (CMCSA.O)". AT&T sank after reporting weak subscriber numbers, and chipmaker Texas Instruments fell sharply after reporting slumping demand.

"The sentiment and the outlook seems to be turning more negative, or at the very least, less rosy".

CNN showed photos of bombs
The package addressed to Barack Obama was intercepted by Secret Service personnel in Washington DC early on Wednesday . The FBI also said it was responding to a report of a suspicious package at one of Schultz's offices in Florida.

Miners and the banks were the best performers early on after the US S&P 500 index bounced 1.86 per cent yesterday to pare Wednesday's 3.1 per cent loss. The government is expected to say Friday that the US economy grew by 3.3 percent in the third quarter, after growing by 4.2 percent in the second quarter. "Could Asian markets really withstand four rate hikes in USA next year?"

The dive in formerly high-flying tech stocks sent investors scampering to the safety of sovereign bonds, with yields in 10-year Treasuries falling the most since May to 3.11 percent. But this week, the biggest point of concern for investors including Mr Steven Leung, executive director at UOB Kay Hian (Hong Kong), has been the USA dollar, which hit a new high on Wednesday.

About 24 per cent of the companies in the S&P 500 had reported third-quarter results as of Wednesday. Alphabet also just reported its Q3 2018 results, with earnings of $33.74 billion - up 21 per cent from the same quarter past year but not beating expectations.

HIGH FLYER: Boeing rose 0.7 percent to $352.58 after the defense contractor's latest quarterly results topped analysts' forecasts.

Oil prices eased amid all the concerns over global growth.

CURRENCIES: The dollar weakened to 112.42 yen from 112.47 yen on Tuesday.

On Wednesday, data showed sales of new USA single-family homes fell to a near two-year low in September, the latest sign that rising mortgage rates and higher prices were hurting demand for housing. The euro fell to $1.1395 from $1.1467.

Related news:

Hot News

isis-killer-beheading-video-story-top Pullman community reeling after track star's murder
Oct 26, 2018 - 11:12
Early Tuesday morning, Salt Lake police learned Rowland was near the historic Trinity African Methodist Episcopal Church at 239 E. The university imposed the lockdown shortly before 10 p.m., after the McCluskey's was found in a vehicle near the medical towers.

isis-killer-beheading-video-story-top Barcelona earned more than 57 million euros from the Champions League
Oct 26, 2018 - 10:29
The late arrival happened because the team was stuck in traffic forcing Jose Mourinho to get off the bus and walk into the stadium to hand in the teamsheet.

isis-killer-beheading-video-story-top Saudi Loan: PM Imran Khan gets $6 billion lifeline from Saudi Arabia
Oct 26, 2018 - 10:11
Responding to Khan's remarks, the MEA Spokesperson said the Pakistan leadership should look inwards and address its own issues. Pakistan's main stock market index shot up 3.3 percent in early trading on the news of the Saudi help.

isis-killer-beheading-video-story-top Chelsea defender Alonso signs new contract until 2023
Oct 26, 2018 - 09:29
Moses, who represented Nigeria at the 2018 FIFA World Cup in Russian Federation before the team crashed out from the group stage. Alonso has scored 15 goals in 92 appearances in all competitions for Chelsea and received his first global call-up in March.

isis-killer-beheading-video-story-top After iPhone spying report, China suggests Trump switch to Huawei
Oct 26, 2018 - 08:52
Trump has been asked to give up his third iPhone but wants to keep it as "unlike his other two phones, he can store his contacts in it".

isis-killer-beheading-video-story-top Search for missing Wisconsin girl Jayme Closs expanded
Oct 24, 2018 - 06:49
An Amber Alert was issued for Jayme, and those with information are asked to call a 24-hour tip line at 855-744-3879. - Authorities are looking for two vehicles of interest that may be related to the Jayme Closs investigation.

isis-killer-beheading-video-story-top 6 people shot outside laundromat in Jacksonville
Oct 24, 2018 - 06:48
Rick Scott tweeted that he spoke with Jacksonville Sheriff Mike Williams and offered any state resources the agency may need. The JSO official Twitter account just informed the public that six adults have been shot, with three in critical condition.

isis-killer-beheading-video-story-top World's oldest intact shipwreck found in Black Sea
Oct 24, 2018 - 06:42
The University of Southampton says this confirms the vessel as the oldest known intact shipwreck in the world. The vase depicts Homer's epic hero Odysseus, tied to the ship's mast in order to resist the sirens' songs.

isis-killer-beheading-video-story-top Turkey Won't Allow 'Cover-Up' Of Khashoggi Killing
Oct 24, 2018 - 06:18
Kushner was heavily involved in making Saudi Arabia Trump's first stop on his maiden global trip as president previous year . Turkish officials believe Khashoggi - a critic of the Saudi government - was murdered and his body dismembered.

isis-killer-beheading-video-story-top Theresa May: 95 per cent of Brexit agreed
Oct 24, 2018 - 05:59
Writing in the Mail on Sunday he added: "We should not allow ourselves to be bullied by the European Union ". There could also be mechanisms to cooperate on any backstop.

isis-killer-beheading-video-story-top Jamie Lee Curtis Celebrates 'Halloween' Box Office Success
Oct 24, 2018 - 05:01
Rob Zombie then made a remake and a sequel and finally, we have 2018's Halloween in which - yes - Laurie's resurrected yet again. Rounding out the top five were Goosebumps 2: Haunted Halloween and First Man , which earned $9.7 and $8.5 million, respectively.

isis-killer-beheading-video-story-top Prince Harry and Meghan arrive in hot Fiji for 3-day visit
Oct 24, 2018 - 05:01
There was a light drizzle when Prince Harry and Meghan landed Tuesday afternoon at Nausori Airport near the capital Suva. But Harry wasn't having it, simply telling them: "I'm in the middle of a conversation, and I'm not going to leave this".

isis-killer-beheading-video-story-top Aguilar, Brewers send NLCS to Game 7
Oct 24, 2018 - 04:03
An American League team in 1982, the Brewers lost the Series in seven games that year to the St. He robbed Yelich of an extra-base hit with a runner on second and two outs.

isis-killer-beheading-video-story-top Pregnant Meghan takes time off while Harry tours ancient forest
Oct 23, 2018 - 03:00
Thomas says he found out about the news on the radio as he was waiting in line to cross the U.S-Mexican border, People writes. But Harry and Meghan have broken royal protocol a few times while on their first tour as a married couple and here's how.

isis-killer-beheading-video-story-top Kanye West Surprises Kim Kardashian With Romantic Gifts for 38th Birthday
Oct 23, 2018 - 02:43
"Who is there? Oh my god, I need to get my auto washed, '" she told Baldwin of her relationship with fame before West. She said: "We would get our hair and make-up done after we filmed the show".