Tech stocks lead Wall Street slump as investors shun risk

The Toronto Stock Exchange Broadcast Centre is shown in Toronto

Zechner says after booming for so long, stock markets tend not to rise forever and markets historically correct before the broader economy does. The Dow and other major USA stock indexes fell more than 3%.

In the US the losses were even steeper.The Dow Jones Industrial Average was off by 818 points when markets closed, or more than three per cent.

Sanders highlighted strong economic indicators, including low unemployment and rising wages, saying President Donald Trump's policies "have created a solid base for continued growth".

The 800-point drop of the Dow Jones Industrial Average on October 10 may be a blip, and so could the almost 5% decline over five days in the S&P 500.

Stock prices have been hurt by rising interest rates, which have boosted Treasury yields over the last week. A lot of that was because of the so-called FAANG stocks - technology names such as Facebook, Amazon, Apple, Netflix and Google - flying into turbulence on Wednesday.

The S&P 500 index sank 73 points, or 2.5 per cent, to 2,807 as of 3:30 p.m.

USA 10-year Treasuries, a closely-watched indicator of bond yields, hit a seven year high of 3.26pc on Wednesday.

The S&P 500 lost 94 points, or 3.3 percent, to 2,785. The yield was just 2.82 percent in last August.

"It can be pretty well validated by looking at monetary history that when you inflate the currency, distort interest rates, and live beyond your means and spend too much, there has to be an adjustment", Paul told RT on Tuesday, predicting that a stock market crash is just a matter of time.

Tom Cahill of Ventura Wealth Management said investors were also unnerved by remarks from luxury company LVMH of a crackdown on some goods in China amid the country's bitter dispute with the United States.

The Philadelphia Semiconductor index sank 2.19 per cent, with Intel down 1.7 per cent. Nvidia, down 4.2 per cent, and AMD, down 5.7 per cent, were also hit by Huawei's plan to make chips for servers. The S&P 500 was on track for its fifth straight decline.

The yield on the 10-year Treasury rose to 3.23 percent, the highest level in seven years. Heating oil fell 1.2 per cent to $2.39 a gallon. Amazon skidded 6.2 per cent to US$1755.25. The Nasdaq fell 177 points, or 2.3 percent, to 7,560.

US stocks dropped sharply Wednesday, as a selloff in technology stocks led the major indices to lows not seen since this spring. That's helped make technology stocks more volatile in the past few months.

Apple gave up 4.6 per cent to US$216.36 and Microsoft dropped 5.4 per cent to US$106.16.

CNN reported today that investors may want to start shifting into more defensive stocks, which aren't as expensive as the tech players and also pay healthy, stable dividends. Natural gas rose 0.6 percent to $3.28 per 1,000 cubic feet.

Elsewhere, shares of Sears plummeted more than 37% after reports the cash-strapped retailer could file for bankruptcy protection as soon as this week.

The CAC 40 in France dropped 2.1 percent, Germany's DAX lost 2.2 percent and the FTSE 100 in London fell 1.3 percent.

The Dow Jones Industrial Average lost 342 points, or 1.3 percent, to 26,090.

Stocks are opening broadly lower on Wall Street led by drops in technology and industrial companies. The Dow Jones Industrial Average fell 700 points in afternoon trading.

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