The Dow drops 300 points and tech stock get whacked – Finance

US stocks fell on an unstable trading day on Friday, as the technology march slammed global markets, fearing interest rates and the prospects for a slowdown in economic growth around the world The destruction of the profits of Wall Street in 2018 second time this week.

Dow Jones Industrial Average decreased by 300 points, or 1.2%. Nasdaq composite shed more than 2% and S & P 500 ended by 1.7% after a brief dive into the territory of the correction. Sales were negative for the Dow and S & P 500 for the year, and stocks were on the road to worse October after the financial crisis.

High-tech high-tech companies have taken the biggest hits since the publication of disappointing revenues. Amazonsales revenue fell short of expectations, and its management was disappointed in the fourth quarter, sending shares to a bear market, dropping more than 20% of their maximum. Google parent company Alphabet beat the bottom line, but missed income. Click reached a record minimum after the company said it lost 2 million users per day.

“While technology has dominated many recent sales (and headers), the sale has been very broad in nature,” wrote Scott Buhta, head of fixed income strategies at Brean Capital, in an email,

“Although this morning GDP report can help bring some short-term calm to the markets, we expect intraday volatility to remain high due to the technical nature of the markets (mainly due to algos).”

Before opening the Department of Commerce said: the US economy has grown From July to September, a slightly slower pace than the expansion of the blockbuster earlier this year, marking the best back-to-back quarters from 2014. Due to strong consumer spending, offsetting weaker investment and exports, gross domestic product increased seasonally by 3.5% in the third quarter.

“In one line: strong GDP growth hides soft investment and a massive deterioration in trade,” said Ian Sheferdson, chief economist for macroeconomics at Pantheon.

Investors have moved to the relative safety of US government bonds, which are turning back to yield, with 10 year old declining by 3.9 basis points to 3.077%, its lowest level in three weeks. Gold, another safehaven, jumped to the highest level since July – about 1,234 dollars per ounce.

Meanwhile dollar climbed to the highest level since 2017 against a peer basket. CNY fell over 6.9700 against the dollar, a biennial minimum.

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