Asian Markets Fall After Sharp Losses On Wall Street

Futures Slump on Global Riskoff Sentiment; Caterpillar Weighs

United States stocks tumbled in a volatile day of trading Friday as a technology rout rattled global markets, with concerns about rising rates and the prospect of slowing economic growth around the world wiping out Wall Street's 2018 gains for the second time this week.

In New York trading overnight, the Nasdaq composite with its hefty roster of tech stocks bore the brunt of the sell-off, falling more than 10 per cent below its August peak, what Wall Street calls a "correction".

About 24 per cent of the companies in the S&P 500 had reported third-quarter results as of Wednesday.

The S&P 500 index slid 46.88 points, or 1.7 percent, to 2,658.69.

Netflix stock dropped more than 9 percent, Facebook fell 4 percent, Amazon slid 5 percent and Apple was down 3 percent.

USA stocks plunged again on Wednesday, confirming a correction for the Nasdaq and erasing the Dow and the S&P 500's gains for the year, as disappointing forecasts from chipmakers and weak home sales data fueled jitters about economic and profit growth.

Friday saw the American stock market collapse with the S&P 500, Nasdaq Composite Index and Dow Jones all collapsing massively. The benchmark index has lost 7.22 percent from its record closing high. Intel, due to report earnings later this week, fell 4.7 percent.

The S&P 500 has now declined for five straight sessions and had finished higher on only four of the 17 trading days this month.

The 30-stock index rose 71 points, or 0.3 percent, to 25,259.

Microsoft, whose strong results helped push the Nasdaq to its biggest daily gain since March just a day earlier, fell 1.2 percent. Japanese telecom and energy giant Softbank lost 4.4 percent. Technology and consumer-focused companies accounted for much of the sell-off. Netflix gave back 9.4 percent to $301.83 and Amazon dropped 5.9 percent to $1,664.20. By mid-morning it was down 2.9 per cent at 21,443.72. Bond prices rose, sending yields lower, as investors sought out safer investments. Brent crude, used to price global oils, declined 72 cents to $75.45 a barrel.

"What makes the latest volatility more troubling is that it's been hard to identify one specific cause", Kerry Craig, global markets strategist at JPMorgan Asset Management, told Bloomberg.

The beaten-down technology sector fell 1.37 percent, led by chipmakers, over concerns of slowing growth in China and ahead of key earnings.

Some investors, including David Meier, a portfolio manager at Motley Fool Asset Management, say the sense that stock prices have simply reached their peak is driving the markets, too.

USA bond prices rose. The Kospi in South Korea dropped 1.6 percent.

CURRENCIES: The dollar strengthened to 112.51 yen from 112.47 yen on Tuesday. The Hang Seng Index in Hong Kong was down more than 3%, while the Nikkei 225 fell 2.65%.

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