Markets Right Now: Asian shares fall after rout on Wall St

Futures Slump on Global Riskoff Sentiment; Caterpillar Weighs

U.S. 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.

The Nasdaq experienced its worst day since August 18, 2011, falling 329 points, or 4.4 percent to 7,108, 10 percent from its August 29 all-time high.

At 9:56 a.m. EDT the Dow Jones Industrial Average was down 274.85 points, or 1.10 percent, at 24,709.70, the S&P 500 was down 42.12 points, or 1.56 percent, at 2,663.45 and the Nasdaq Composite was down 144.96 points, or 1.98 percent, at 7,173.38.

The Dow dropped 307 points, or 1.2 percent, to 24,676. Amazon sank 8.5 percent to $1,632.79 while Alphabet slid 4.9 percent to $1,047.62.

The weak results from Amazon and Google parent Alphabet were the latest setback for the high-growth quartet of stocks known as FANG, which also includes Facebook Inc (FB.O) and Netflix Inc (NFLX.O).

The S&P 500 is down 111.68 points, or 4 percent.

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. The benchmark KOSPI dropped 36 points, or one.seven-five percent, to close at 2,027. The Dow Jones lost nearly 300 points (about 296 points) or around 1.19% to end the day with the bear dogging their heels.

The S&P 500 is down 17.51 points, or 0.7 percent.

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

Boeing (+1.3%) offered the Dow some relief Wednesday after posting third-quarter earnings that beat analyst expectations.

Technology stocks and media and communications companies accounted for most of the selling. Australia's S&P/ASX 200 gave up 0.4 percent to 5,640.60.

Twitter soared 15.7 percent to $31.87 and electric auto maker Tesla jumped 8.7 percent to $313.62 after releasing their quarterly reports, while video game maker Take-Two vaulted 9.1 percent to $121.05 after strong reviews for its latest game, "Red Dead Redemption 2". "Our forecast is therefore for the S&P 500 to drop by a total of about 15 percent from its recent peak". Bond prices rose, sending yields lower, as investors continued to seek less risky assets.

Bond prices fell. The yield on the 10-year Treasury note rose to 3.13 percent. National Oilwell Varco lost 7.8 percent to $34.12. Shares were lower in most markets apart from Indonesia.

Adding to weaker sentiment in late trading, the Federal Reserve said in a report on the economy that US factories have raised prices because of tariffs.

CURRENCIES: The dollar fell to 111.99 yen from 112.61 yen on Thursday.

Japan's Nikkei 225 index sank sharply on the open but levelled off, regaining some lost ground. The S&P discretionary index fell 3.6 per cent.

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