Dow Falls 1300 Points In 48 Hours As Market Rout Continues (DJIA)(SPX)

AP  File		The interior of the New York Stock Exchange

Japan's benchmark index tumbled about 3.9 percent, while China's key index fell 4.3 percent.

Technology and retail companies continued to stumble. The Nasdaq composite skidded 92.99 points, or 1.3 percent, to 7,329.06. The yield was just 2.82 percent in last August. The stock fell 15 per cent to 50 cents.

Kinahan said investors want to know if Corporate America is anxious about the Trump administration's tariffs on Chinese imports and if it sees signs of slower economic growth.

The 10-year Treasury yield rose to 3.22 percent from 3.20 percent late Tuesday after earlier touching 3.24 percent.

The declines - which brought the major indices to their lowest levels in months - came as US President Donald Trump repeatedly castigated the Federal Reserve for lifting interest rates, sparking worry that the US central bank's independence from politics could be compromised.

Amazon dropped another 3.4 percent to $1,694.01 and Apple fell 1.4 percent to $213.25.

Amazon has soared 50 percent this year, but its stock has fallen 14 percent from its all-time high in early September.

"As uncertainty continues to prevail in financial markets across the world, many investors are staying on the sidelines until more clarity emerges in U.S. Treasury and Chinese markets", said Yasuo Sakuma, chief investment officer at Libra Investments, according to Reuters.

The two-day 4.7-percent drop in the SPDR S&P 500 ETF (NYSE: SPY) comes after the S&P 500 gained 22.2 percent in the previous 18 months.

But Hogan said earnings were also a source of worry because they could showcase the consequences of Trump's trade wars for U.S. companies, from raising costs of raw materials to forcing enterprises to change supply chains.

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"I contend that the concerns of rising interest rates are largely overblown".

Three of the biggest American banks-JPMorgan Chase, Citigroup, and Wells Fargo-will report their third-quarter results Friday.

Some of the big losers were stocks that have scored double-digits gains earlier in 2018.

Some of America's biggest tech stocks were caught up in the sell-off, with Netflix (Xetra: 552484 - news) down 8%, Microsoft (Euronext: MSF.NX - news) sliding 5%, Amazon off by 6% and Google's parent company Alphabet (Xetra: ABEA.DE - news) down 5%.

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.

The good news? Bear markets are short compared to bull runs.

Oil prices fell to two-week lows after OPEC said its production rose in September, easing concerns about a drop-off in Iranian barrels as U.S. sanctions loom. Brent crude, the global standard, lost 2.2 per cent to $83.09 a barrel in London. Heating oil shed 2.6 percent to $2.33 a gallon.

Gold rose 0.2 per cent to $1,193.40 an ounce. Natural gas fell 1.9 percent to $3.22 per 1,000 cubic feet.

The dollar fell to 111.98 yen from 112.59 yen, and the euro rose to $1.1593 from $1.1525.

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