US markets plunge into correction territory with Nasdaq tech-wreck leading the way

Friday, October 26, 2018
By Paul Martin
26 Oct, 2018

Wall Street opened sharply lower on Friday, weighed down by a dramatic fall in stock prices of American technology companies.

The Nasdaq plunged 3.4 percent in early trading. Dow Jones was lower by 2 percent at over 500 points, while S&P 500 sank 2.69 percent.

Shares in Amazon plunged 8 percent, while Alphabet fell 2.7 percent. Facebook, Netflix, and Apple were all losing more than 1.5 percent.

“When the stocks that are carrying the markets begin to crack, investors are going take cover. Investors are waiting for more visibility for things to see where the rotation takes them,” said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey, as quoted by Reuters.

The US economy slowed down less than analysts had expected. It grew at a 3.5 percent annualized rate in the third quarter of the year. A trade war has caused a drop in soybean exports, but it was partly offset by the strongest consumer spending in nearly four years.

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