Wall Street savaged by tech sell-off

Futures Slump on Global Riskoff Sentiment; Caterpillar Weighs

The benchmark S&P 500 index in the United States slid more than 1.7%, closing down nearly 10% from its September high.

Declining issues outnumbered advancing ones on the NYSE by a 3.38-to-1 ratio; on Nasdaq, a 5.42-to-1 ratio favored decliners.

Results from S&P 500 companies have pushed up third-quarter profit growth estimates to 23.6 percent from 21.8 percent in the last 10 days.

Meanwhile, today's data from the U.S. showed that the real GDP expanded by 3.5% in the third quarter according to the first estimate of the U.S. Bureau of Economic Analysis.

The FANG group, along with heavyweight tech stocks Apple and Microsoft (MSFT.O), have made outsized contributions to the S&P 500's gains in recent years, and a prolonged downturn for those stocks would be a major setback for the market. "They look at this still more as a buying opportunity than a risk." . She expects that to change when the dust settles.

Investors may see more volatility through the remainder of the USA earnings season and ahead of the November 6 USA midterm congressional elections, he and other money managers said. S&P 500 companies delivered second-quarter earnings growth of 25.2 per cent, well ahead of forecasts.

Market favorites like technology and consumer-focused companies have borne the brunt of the sell-off. But huge companies like Microsoft, Alphabet and Amazon.

Disappointing earnings reports weigh on technology.

Wall Street favourites in recent years, those stocks have been punished in a month of volatility for USA equities that has some investors anxious a decade-old bull market may be ending.

The Dow is down 860.92 points, or 3.4 percent.

Pogba admits he may have to alter penalty approach after Pickford save
Martial has had to wait patiently for opportunities at Old Trafford but appears to have finally won over his manager. However, the United team news was leaked ahead of last Saturday's draw with Chelsea and it proved correct.

Toyota Motor Corp. gave up 2.1 percent while Hong Kong-based retail supply chain giant Li & Fung Ltd. lost 2 percent.

The French CAC 40 jumped 1.6 percent and Germany's DAX added 1 percent. The Nasdaq composite gave up 9 points, or 0.1 percent, to 7,427. Helped by tax cuts, the economy expanded at a 4.2 percent annual pace from April through June, fastest in almost four years.

Elsewhere in Asia, South Korea's Kospi fell 2 percent to 2,053.75 and the S&P ASX/200 dropped 2.2 percent to 5,701.80. A correction is when shares drop at least 10 percent from their recent highs. Semiconductor companies, including AMD (-9.7%) and Nvidia (-9.8%), were sharply lower.

The S&P 500 index fell 16 points, or 0.6 percent, to 2,724.

Oct 26 (Reuters) - U.S. stocks resumed their selloff on Friday, with the S&P poised to join the Nasdaq in correction territory, sparked by grim earnings reports from Alphabet and Amazon that eclipsed data showing the U.S. economy continued to grow at a healthy clip.

A shift into less volatile assets has pushed bond prices higher, sending the yield on the 10-year Treasury note down to 3.13 per cent from 3.16 per cent late Tuesday.

Benchmark U.S. crude rose 0.8 percent to $67.33 a barrel. National Oilwell Varco lost 7.8 per cent to $34.12. A fall in sterling helped to shield the FTSE 100 from some of the worst of the global sell-off. Copper dipped 0.1 percent to $2.75 a pound.

Gold, another safehaven, jumped to its highest level since July - at around $1,234 per ounce.

CURRENCIES: The dollar fell to 112.17 yen from 112.43 yen. The euro fell to $1.1362 from $1.1387.

Related:

  • Sultan of Oman receives Israel PM 'after prolonged contacts'

    Sultan of Oman receives Israel PM 'after prolonged contacts'

    Oman has no official diplomatic ties with Israel, although a slight warming in relations followed the Oslo Accords in the 1990s. Abbas paid his visit to Oman on October 21-23, and called it "successfull on all levels" in an interview to Palestinian TV.
    These companies spent millions on political adds on Facebook

    These companies spent millions on political adds on Facebook

    Facebook has launched a new searchable database for buyers of political ads in the United States, Reuters reports. Proposition 112 would set minimum distance requirements for new gas and oil projects.
    King Abdullah's grief turns to anger over Jordanian flood deaths

    King Abdullah's grief turns to anger over Jordanian flood deaths

    On the day of the school's field trip, Jordan's national weather and government agencies had issued severe weather warnings. "The children tried to escape the floods by going to the bus but its doors were closed", said Abu Yousef told reporters.
  • OnePlus 6T Full Specs, Images Leaked Ahead of Monday’s Launch

    OnePlus 6T Full Specs, Images Leaked Ahead of Monday’s Launch

    It's been officially confirmed that the phone will have an in-display fingerprint scanner and will skip the 3.5mm audio jack. The device is expected to be available in 3 variants - 6GB + 128GB, 8GB + 128GB and 8GB + 256GB of RAM and ROM respectively.
    Pochettino proves Spurs not just the 'Kane team', admits Guardiola

    Pochettino proves Spurs not just the 'Kane team', admits Guardiola

    Spurs announced a fourth delay in the stadium's opening Friday, moving five more home games through December to Wembley . I'm pretty sure Tottenham have a good greenkeeper.
    Palestinian militants fire rockets, Israel strikes Gaza

    Palestinian militants fire rockets, Israel strikes Gaza

    Palestinians gather at the Israel-Gaza fence during a protest calling for lifting the blockade on Gaza, in Gaza, October 26, 2018. Reports Friday suggested a deal had been reached that would see the protests end in exchange for an easing of the blockade.
  • Student dies after shooting at North Carolina high school

    Student dies after shooting at North Carolina high school

    The student who was shot on October 29 at Butler High School in North Carolina died from the gunshot wound, officials said . The school had been placed in lockdown, but that was later lifted as students streamed out, many crying and hugging parents.
    Social Analytics Firm Shows Red Dead Redemption 2's Dominance

    Social Analytics Firm Shows Red Dead Redemption 2's Dominance

    I read about the game a whole lot-highfalutin academic papers weren't quite the same as getting to play it, but they came close. Thankfully, Red Dead Redemption 2 has included a fast travel system, but there's a bit of a catch.
    There will be justice for Khashoggi, says Saudi crown prince

    There will be justice for Khashoggi, says Saudi crown prince

    Erdogan never mentioned Salman in his speech and did not play an audio recording of the killing that news accounts have cited. Saudis have long had in place efforts to negotiate and reconcile with dissidents, the official said.
  • Prince Harry and Meghan in Wellington

    Prince Harry and Meghan in Wellington

    Many have noticed the Duke and Duchess of Sussex have broken a set of royal protocols, but more importantly their body language. Meghan wore a stunning navy cocktail dress by designer Gabriela Hearst valued at $3,430 (US$2,495, UK£1,900) for the evening.
    PM Imran Khan arrives in Saudi Arabia on two-day official visit

    PM Imran Khan arrives in Saudi Arabia on two-day official visit

    He will be accompanied by a high-level delegation, including Foreign Minister Shah Mehmood Qureshi. Officials estimate the proposed project may bring up to $8 billion in Saudi investment.
    Meghan Markle accidentally left tag attached to her dress!

    Meghan Markle accidentally left tag attached to her dress!

    Following their grand welcome to the island, Meghan and Harry changed into their formal wear for the Fijian state dinner . Behind Prince Charles is Prince William, followed by Prince George, Princess Charlotte, Prince Louis, and Prince Harry .

Comments

Latest news

Soon at BRICS high table, a far right populist
His opponent Haddad did better in the Palestinian city of Ramallah, and in Havana, Berlin, Frankfurt, Paris and Moscow. Voting machines furnished by the Brazilian government were transported to Framingham to facilitate the election.

Turkish employees of Saudi consulate give statements in Khashoggi probe
Selvi said the dissident journalist had been strangled by a Saudi assassination squad, in a process that took up to eight minutes. Chancellor Angela Merkel said Sunday that arms exports to Saudi Arabia "can't take place in the situation we're now in".

Obama urges Wisconsin Democrats not to be ‘bamboozled’
Obama said Republicans have spent eight years trying to repeal the Affordable Care Act . Obama made those remarks while rallying voters in Wisconsin on Friday .

Cousins begins practicing with Warriors
Cousins was issued one technical foul instead of the normal two to result in an ejection. Second, Cousins then was warned by official Scott Foster to stop talking to Kanter.

Sebastian Vettel concedes defeat in F1 drivers' title battle
He even had a drive off into the grass when he missed the corner out of the long straight at the Autodromo Hermanos Rodriguez. Hamilton could have let the Red Bulls ride off from the start, but he'd promised to look for a shot to grab the lead.

People React After Paul Pogba Takes Epically Long Penalty
EVERTON: Pickford 7, Coleman 7, Keane 6, Zouma 6, Digne 7, Gomes 6, Gueye 6, Walcott 6, Sigurdsson 7, Bernard 6, Richarlison 6. Scott McTominay misses out with a knee problem while Diogo Dalot and Marouane Fellaini are also absent.

NYPD ramps up security at places of worship after synagogue shooting
In a press conference, an official said there were multiple causalities inside, including three officers who have been shot. Israel's Prime Minister Benjamin Netanyahu condemned the attack on Pittsburgh's Tree of Life synagogue Saturday.

Latest suspicious packages sent to De Niro, Biden
Ronald Lowy, a Miami attorney, said Sayoc showed no ability at the time to back up his threat with any bomb-making expertise. The latest packages, addressed to former Vice President Joe Biden , are similar to eight others found earlier this week.

IPHONE XR REVIEW: Right trade-offs for a cheaper price
For Apple to continue to be a mass producer and marketer of iPhones, it needed to take a different tack than in years past. The iPhone XR is not yet on sale in the United States - that will happen at 8:00 AM Eastern Time.

Cleveland Cavaliers Tickets Sold for Just $2 Before Tip-Off Wednesday
The Cavaliers struggled again in the third quarter as Drummond and Jackson combined to score 15 straight points for the Pistons . Drummond - who was ejected in the win over the 76ers - had 20 points and 20 rebounds through three quarters against Cleveland.

Tesla (TSLA) Releases Quarterly Earnings Results
Thanks to the production push for the Model 3 over the summer, Tesla was able to rack up $312 million in profits for Q3. Tesla had promised to produce 5,000 Model 3s every week by the end of past year , but only managed to make 2,700 units.

Pakistan beat Australia by 66 runs in first T20
Finch said changes had to be considered for Friday's second T20 in Dubai, which will also host the third and final game on Sunday. Including Hafeez's dismissal, Australia had hit back by picking up seven wickets for the addition of just 28 runs.

Obama, Clintons sent 'explosive devices' through the mail
In June, 75-year-old De Niro received a standing ovation at the Tony Awards in NY for using an expletive to condemn Trump. And authorities are really still investigating exactly what's inside of it and what we may learn, the motives here.

Daniel Arzani earns Celtic promotion after Brendan Rodgers intervention
Celtic are a good team. "They like to press and build from the back using their wing backs". Rangnick said: "It looks like these two teams will be fighting for second spot".

Bomb Suspect Will be Brought to 'SWIFT and CERTAIN' Justice
Two were intended for former vice-president Joe Biden at his home state of Delaware and one for actor Robert De Niro in Manhattan. Mr Biden has also criticised Mr Trump, as recently as last week, saying he may not "know what he's doing" and coddles dictators.

Other news