United States stocks tumble for a second day

AP  File		The interior of the New York Stock Exchange

AP File The interior of the New York Stock Exchange

At 9:59 a.m. ET the Dow Jones Industrial Average was down 202.46 points, or 0.77 percent, at 26,228.11, the S&P 500 was down 27.02 points, or 0.94 percent, at 2,853.32 and the Nasdaq Composite was down 129.45 points, or 1.67 percent, at 7,608.57. "This orphan status that equity markets have enjoyed for the last 10 years is disappearing and finally getting some competition from the bond market".

The S&P 500 index fell 12 points, or 0.4 percent, to 2,772. Should the S&P close lower today, it will be the sixth consecutive time, something that hasn't happened since before Donald Trump's election. Amazon plunged 6.2 percent.

Asian markets were broadly lower on Thursday after Wall Street slumped on a heavy selling of technology and internet stocks.

Wall Street was hammered on Wednesday as investors dumped high-growth names such as technology and FAANG stocks, with rising Treasury yields and trade-related worries sapping their risk appetite.

Higher bond rates can weigh on stocks as they provide more competition for yield-hungry investors.

"Both companies highlighted rising costs, not only input costs but increasing operating expenses [and] marketing expenses", she said.

Insurance companies dropped as Hurricane Michael continued to gather strength and came ashore in Florida bringing winds of up to 155 miles an hour. Berkshire Hathaway dipped 4.7 percent to $213.10 and reinsurer Everest Re slid 5.1 percent to $217.73.

Luxury retailers tumbled. Tiffany plunged 10.2 percent to $110.38 and Ralph Lauren fell 8.4 percent to $116.96.

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And right now tech stocks-like the trillion-dollar Apple-have dominated a significant part of the rise in value of the market as a whole. As of October 10, it's lasted 3,503 days.

All of those factors could threaten the impressive profits Corporate America has been reporting this year.

Bets on market calm, measured by the number of contracts shorting futures for the CBOE Market Volatility Index compared to long contracts, are at a higher level than before the market correction, according to data from the U.S. Commodity Futures Trading Commission.

The weakness in tech was led by semiconductor names after Swiss vacuum valve maker VAT Group said demand from chip equipment makers was softening.

It is the biggest sell-off in United States markets since February, a negative sentiment also reflected in European markets - with Paris (-2.1pc), Frankfurt (-2.2pc) and London (-1.3pc) finishing deep in the red. It was at just 3.05 percent early last week and 2.82 percent in late August.

Gold rose 0.2 per cent to $1,193.40 an ounce.

The dollar index fell 0.17 percent, with the euro up 0.25 percent to $1.1518. Brazil's Bovespa lost 2.5 percent and the Merval in Argentina sank 2.2 percent. The Japanese yen strengthened 0.53 percent versus the greenback at 112.36. The British pound rose to $1.3197 from $1.3146.

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