Tech, luxury goods lead Wall Street slide

Wall Street slumps as investors dump tech stocks

Futures point to a 0.5% fall for the S&P 500, a 0.5% decline for the Dow Jones Industrial Average and a 0.7% drop for Nasdaq.

Wall Street continued to slide Thursday after initially finding some relief in tamer-than-expected inflation data, a day after worries about rising rates and trade tensions sparked a sharp sell-off in global markets.

All of those factors could threaten the impressive profits Corporate America has been reporting this year. The Kospi in South Korea fell 3.6 percent to 2,148.97.

The S&P 500 lost 94 points, or 3.3 per cent, to 2,785. In 1987, stocks dropped more than 20 percent on a single day-Black Monday, Oct. 19-after a strong rally crashed into the Persian Gulf turmoil and trade deficits. Every one of the 11 S&P 500 sectors finished down for the day.

Major equity indexes in Europe fell more than 1.0 percent, also pulled down by technology shares, and gold prices inched up as some investors sought refuge in the metal.

Japan's benchmark fell by an unusually wide margin of 3.9 percent and China's main index lost 4.3 percent. That's its steepest downturn since a 10-percent drop in early February.

IMF's Lagarde warns trade, currency wars could be detrimental for growth
Despite the Federal Reserve's interest rate increases, financial conditions "have eased further" in the USA as equity valuations have stayed lofty.

But Hogan said earnings were also a source of worry because they could showcase the consequences of Trump's trade wars for United States companies, from raising costs of raw materials to forcing enterprises to change supply chains.

US crude dropped 3 percent while Brent crude, the worldwide standard, dropped 3.4 percent.

"If the Feds are insane, this market reaction is bordering on insanity, as so many negative crosscurrents collide that is merely impossible to find a glint of optimism", he added. That's helped make technology stocks more volatile in the last few months. The Russell 2000 dropped 25 points, or 1.6 percent, to 1,550.25. Yields on 3-year notes have recently traded just above 3.0 percent, providing long-absent competition for investment returns with equities.

Sears Holdings plunged 32 percent after the Wall Street Journal said the debt-laden retailer was preparing for a possible bankruptcy. Think of it this way, if the Treasury issues a $1000 bond paying 3 percent interest, investors will not pay $1000 for an older bond paying 2 percent interest. Sears has closed hundreds of stores and sold several famous brands or put them on the block as it sees more customers abandon its stores.

Oil prices fell to two-week lows after OPEC said its production rose in September, easing concerns about a drop-off in Iranian barrels as United States sanctions loom. Brazil's Bovespa lost 2.5 percent and the Merval in Argentina sank 2.2 percent.

The dollar fell to 111.94 yen from 112.59 yen, and the euro rose to $1.1594 from $1.1525.

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